Mon Feb 17 20:53:07 UTC 2025: ## Argentinian President’s Endorsement of Crypto Token Leads to $107 Million Rug Pull

**Buenos Aires, Argentina** – A controversial memecoin, Libra, experienced a meteoric rise and dramatic fall after Argentinian President Javier Milei promoted it on X (formerly Twitter). Within hours of its launch last Friday, the token’s value surged 3,000 percent, reaching a market cap of $4.5 billion. However, this frenzy quickly reversed, with the price plummeting by 95 percent to $0.3678, wiping out billions in value.

The swift collapse has sparked accusations of a “rug pull,” a common cryptocurrency scam where developers inflate a token’s price before abandoning it, leaving investors with significant losses. Blockchain analytics firm LookOnChain revealed that eight wallets linked to the Libra team cashed out a staggering $107 million in USDC and SOL. At least 24 traders suffered losses exceeding $1 million each.

President Milei’s endorsement, which was later deleted from his X account, fueled the initial surge. He later claimed he was unaware of the project’s details and that his promotion was a politically motivated attack. Despite the President’s office denying involvement in Libra’s creation, several Argentinian lawyers have filed complaints against him, accusing him of promoting fraud.

Crypto intelligence firm Bubblemaps has linked the Libra team to those behind similar short-lived memecoins associated with US President Donald Trump and First Lady Melania Trump, suggesting a coordinated effort. Hayden Mark Davis, self-identified as the launch strategist for Libra and the Melania token, has further fueled suspicion. However, the AI-focused firm Kip Protocol, previously linked to Davis by the Argentinian government, has denied any connection.

The incident highlights the volatile nature of the cryptocurrency market and the risks associated with investing in memecoins, especially those backed by high-profile endorsements. The full extent of the Libra debacle, and the identities of those involved, remain under investigation.

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