Argentina meme coin information has rocked the crypto market, and now Javier Milei may face impeachment over LIBRA crypto. Will they ever study?
Marketed as a personal initiative to help small companies, LIBRA surged to a $4.5 billion market cap earlier than crashing to $200 million.
Milei posted about LIBRA on his official X account, claiming it was a non-government mission designed to assist Argentina’s struggling economic system.
Nonetheless, skepticism arose instantly, with many questioning the legitimacy of the token. Inside hours, insiders cashed out $87.Four million, leaving retail buyers with vital losses.
The nation’s fintech chamber steered the LIBRA case could possibly be a “rug pull,” a scheme the place builders abandon a mission after taking advantage of its preliminary gross sales.
(Source)
Milei’s Promotion of Argentina Meme COin LIBRA Crypto Ends in Catastrophe
Milei’s sudden deletion of the publish and claim that he was “unaware of the small print” solely fueled additional controversy. His earlier involvement within the Coinx World crypto scandal in 2022, the place he endorsed a fraudulent funding agency, has intensified criticism.
Opposition lawmakers, together with Leandro Santoro, have called for impeachment, citing worldwide embarrassment and monetary irresponsibility.
The LIBRA collapse had broader implications than simply Argentina. The sudden liquidity drain impacted the broader meme coin market, with over $6 billion erased in simply three hours, simply because the market seemed to be recovering.
The TRUMP coin additionally noticed a pointy decline of $500 million in market cap because of diminished liquidity – highlighting a possible new geopolitical battleground within the meme coin house.
Inside three hours of the launch, insiders in $LIBRA started cashing out.
In line with Bubblemaps, $87.Four MILLION was cashed out throughout the first three hours.
Moreover, 82% of $LIBRA was held in a single cluster and no tokenomics have been shared with the general public.
Nevertheless it will get even worse. pic.twitter.com/3WnPf4Mhy2
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
On-chain knowledge from Bubblemaps revealed that fewer than ten wallets managed 82% of the LIBRA provide, indicating clear manipulation.
Massive holders reportedly orchestrated liquidity pool actions on Meteora, extracting earnings whereas retail buyers suffered large losses.
Meme Coin Market Fallout and Political Penalties For Arentina’s Professional-Crypto President Javier Milei
Regardless of the backlash, Julian Peh, founding father of Kip Protocol and an alleged key determine in Venture Libertad (the crew behind LIBRA), claimed no funds have been offered. Peh insisted that the mission was nonetheless ongoing however failed to supply particulars on how it will get well investor confidence.
This debacle underscores a rising downside throughout the cryptocurrency house: the reckless intersection of movie star attain and blockchain know-how.
When high-profile figures like Milei, Trump, and even Hawk Tuah Girl Hailey Welch connect their identify to speculative tokens, it fuels a harmful cycle of hype-driven funding with out accountability.
LIBRA’s speedy rise and fall exemplify how opportunistic gamers leverage political credibility to fabricate short-lived market pumps, offloading the chance onto uninformed retail buyers.
Moreover, this occasion is a stark reminder that crypto stays a battleground for regulatory uncertainty. Argentina’s lack of clear authorized frameworks round digital property escalated this disaster unchecked.
As world regulators scramble to handle such abuses, the LIBRA meltdown might speed up crackdowns on unauthorized token promotions and set a precedent for holding public officers accountable for monetary endorsements – though overtures from the brand new head of the SEC crypto unit counsel Trump is within the clear for now.
In the meantime, on a chilly Weekend in Buenos Aires, and with mounting authorized and political stress, Milei’s credibility faces its largest check but.
Whether or not he can distance himself from this fiasco or face impeachment stays to be seen. Nonetheless, Argentina’s crypto market stays shaken for now, and buyers are left reeling from one more high-profile collapse.
EXPLORE: Crypto Trends For Bullrun – January 2025
Join The 99Bitcoins News Discord Here For The Latest Market Updates
The publish Argentina President Faces Impeachment After Milei LIBRA Crypto Scam: Celebrities Just Won’t Learn appeared first on 99Bitcoins.
More NFT News
21Shares to Liquidate Energetic Bitcoin and Ether Futures ETFs Amid Market Downturn
Sweet Digital Units To Launch A New NFT Assortment Subsequent Week
Dogecoin Sees 47% Spike In Lively Addresses, Why Worth May Comply with Swimsuit