LIBRA Token Crashes 85% After Milei’s Promotion—Insiders Cash Out Millions | Airdrop Alert Pro

Argentina President Javier Milei has promoted Libra’s token, saying it will help small businesses. However, his post on X was not excited, but attracted attention, and many doubted a possible scam. Seeing the rebound, Miley quickly deleted his postalinsisting that he has no financial interest from the project.

Miley has been struggling to solve Argentina’s struggling economy, but foreign investors remain hesitant. Even though inflation is cooling and reforming, businesses are still leaving. The country also faces such as U.S. Trade Tariffs And issues in key industries have made the economic recovery uncertain.

From $4.5 billion hype to sudden collapse

Libra looked promising at first, reaching a valuation of $4.5 billion in a few hours. But the excitement did not continue. Shortly after the release, the developers It is said that $87 million in USDC and SOL were withdrawn from the project, causing the token price to fall by 85%. Investors panicked, and those who bought early in the process suffered huge losses, on average more than 56% of their initial investment.

Another big red flag?

Blockchain analysts quickly noticed some abnormal activity. On-chain expert Embercn Established Some wallets withdraw funds from the exchange before Milei’s position, bought Libra immediately after the promotion, and then sold after the price rose. The insiders reportedly made a profit of about $20 million.

About 82% of the supply of Libra is controlled by only a few connected wallets. This means a small group of people have too much power over the price of tokens that can be used to manipulate the market.

Respond to the controversy, Justin Sun Justin Sun Justin Sun is the founder of Tron and CEO of Bittorrent. He holds a graduate degree in East Asian Studies from the University of Pennsylvania and a Bachelor of History from Peking University. He has become the most famous figure in the blockchain field, known for his complex advertising strategies. Sun founded TRON, a blockchain-based operating platform, and launched the TRX token in 2017. In September 2017, his company Tron owned the original Coin Product (ICO) at TRX Token.Sun. HTX (formerly Huobi). He is an ambassador, permanent representative of Grenada, and a Chinese Swiss negotiator based in Geneva, business visionary and business leader. In 2015, he was named CNTV’s most important new businessman and was named in Forbes China Under 30 Years Old, from 2015 to 2017. Detailed organization: Tronlocation: TronLocation: Swiss University of Geneva, Switzerland, M.A. (Massachusetts) Political Economy at the University of Pennsylvania (Massachusetts) (2011) -2013). Novel: Blockchain Development, Entrepreneurship, Strategic Vision, Market Influence and Network Awards Awards for Crypto Entrepreneur of the Year: Blockchain Life 2023 2023, in recognition of his leadership on HTX and his commitment to Crypto Contribution of monetary space. : Awarded HTX in Blockchain Life in 2023, under his leadership. MetaverseNavigator Award: presented during the Wiki Finance Expo in November 2023 in recognition of his contribution to Metaverse Domain. FinancialIndeptional Ampassador Award: Also presented at Wiki Finance Expo. Promote financial independence through blockchain technology. Entrepreneur of the Year: Recognized at the Blockchain Eco Conference in Dubai in October 2023. Tron Experience Founder: In 2017, the Tron Foundation was established, and the TRX token was introduced through the initial coin product (ICO), which brought in over $70 million. BTT cryptocurrency tokens bought Bittorrent for $140 million in 2018. RippleLabs’ Principle Agent: Working from 2014 to 2016 to understand cross-border payments and blockchain technology. – Social network services based on China. Secret Role: From 2021 to 2023, I served as permanent representative of the World Trade Organization (WTO) in Grenada, running for cryptocurrency and technological advancement. Forbes’ list of under 30 Asia. Frequently asked questions is who is Justin Sun? Chinese entrepreneur Justin Sun founded Tron and is known for his acquisition of Bittorrent and Poloniex and his significant influence in the blockchain space. However, some sources are expected to be at least $1.4 billion, believing it is as high as $1.5 billion. entrepreneurinvestorCrypto and blockchain expertsCEO Expressing respect for President Mili, but believes that he should be responsible for the Libra token issue. He urged the people behind it to return the stolen funds and face legal consequences, emphasizing the importance of protecting investors.

Another X user isn’t shocked, but calls it a planning strategy for influential characters

Who supports Libra?

Libra connects with KIP Network Inc., the company behind the KIP protocol Web3 Projects powered by Animoca Ventures. KIP Network has been involved in Argentina’s cryptocurrency space and has even worked with the Buenos Aires government. However, their role in the Libra sell-off is unclear and many investors are upset.

Conor Grogan, the product owner at Coinbase, commented on the situation. He said that such major token releases are usually planned early before they are made public. His comments suggest that Libra may be trying to grab fast cash from the start.

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Another political encryption failed?

What does Libra’s collapse look like It happened Car token with Central African Republic. The project also has huge commitments, briefly reaching a market value of $1 billion, only hitting below $20 million. Both cases show that just because crypto tokens are related to the government does not mean that it can be invested safely.