Argentina’s President Milei Denies Ties to LIBRA Meme Coin | Airdrop Alert Pro

Argentina’s President Javier Milei has been distanced from Libra’s meme coins after he has promoted it in the now-deleted tweet.

His clarification was that the developer of the project had drained about $107 million in what appeared to be a pumping program.

Libra’s meme coin controversy

On February 14, Milei’s X account recognized Libra, Meme coins based on Solanawhich triggered a surge in trading activity. As investors clashed, the token’s market capitalization briefly hit $4.5 billion.

The project claims its goal is to support Argentina’s economy By funding small businesses and local businesses. Julian Peh, co-founder of KIP protocol, confirmed the platform’s participation and pointed out that its role is to manage fund allocations rather than supervise the token itself.

“Our main role is to help allocate funds to Argentine companies, and less in terms of tokens. We are not (market maker) … We will develop plans based on the original goals to run the project’s plan. If we don’t take it seriously, , we won’t get help to start it. Not a sol Will be used outside the purpose of running Project Viva la Libertad,” PEH explain.

However, doubts quickly emerged about the legitimacy of the release. Crypto Analyst Conor Grogan Point out Deploying Libra’s wallet has received funds from the exchange No need to know your customer (KYC) verification.

Milei addressed the issue due to concerns, noting that he initially shared the project to support private programs, which he often does.

After further review, he withdrew his accreditation and deleted the post. After his statement, the price of Libra fell by about 90%.

“I didn’t know the details of the project, and after realizing it, I decided not to continue spreading the word (that’s why I deleted the tweet). For the dirty rats of political castes who wanted to take advantage of the situation to cause harm, I would say they confirm the despicableness of politicians every day, and they increase our beliefs to kick them in the ass,” explain.

at the same time, lookonchain’s blockchain analysis It was revealed that insiders have withdrawn about $107 million. Eight wallets associated with the project raised $57.6 million in USDC and 249,671 SOL, worth nearly $50 million. Analysts believe that these withdrawals are related to liquidity manipulation and accumulated expenses.

Additionally, crypto analyst Embercn Report Insiders made at least $20.18 million in promotional tweets, bought it for a few seconds after the release and sold it after the price rose.

Political Meme Coins and Industry Reactions

Libra’s radiation highlights concerns about politically related meme coins. Similar speculations are surrounded Trump token launches in January and Car meme coi in Central African Republicn.

In both cases, traders are eager to buy before questioning their legitimacy. Although the tokens turned out to be real, Libra’s rapid collapse caused alarms in the crypto community.

Industry figures condemn the situation. Sonic Labs co-founder Andre Cronje criticized the trend, showing Meme Coin Trader Do not participate in decentralized finance or blockchain technology.

“(Meme Coin Trader) is a group of people who don’t care about decentralized finance or even blockchain. So memes steal any attention because participants are not our participants in the first place,” Cronje statement.

On the other hand, Slowmist founder Yu Xian called for accountability, pointing out that the person in charge should face legal consequences.

“Support everyone to defend their rights; the inciteers must be punished by the law, and hopefully they will also face the president’s anger, additional.

The Libra controversy reflects the risks of speculative meme coins, especially those associated with politicians. The incident further fueled discussions on regulatory oversight and investor protection in the cryptocurrency sector.