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Drama, Coins & Scandals: The Shocking LIBRA Meme Coin Saga!

BBG News

It appears the good folks in Argentina’s Chamber of Deputies have finally found something more thrilling than their morning coffee. Yes, they’ve given a green light to a special committee tasked with investigating the mysterious and altogether bizarre Libra (LIBRA) meme coin scandal, which, in a delightful twist, allegedly links President Javier Milei to the whole debacle. It’s the kind of plot twist even Agatha Christie would envy. 🍿

The vote, however, wasn’t exactly unanimous. It was 128 in favor, 93 against, and seven abstentions. One can only imagine the suspense in the room. Some lawmakers were probably just eager for a bit of excitement, while others, no doubt, had other matters—such as lunch—on their minds.

The Libra Meme Coin Scandal

According to the latest revelations (and let’s face it, at this point, we’re all just waiting for the Netflix adaptation), the committee will have the power to summon top government officials and demand all sorts of juicy documents from public institutions. Expect appearances from Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, and Chief of Staff Guillermo Francos. What a party!

But hold onto your hats, folks—there’s a rather spicy subplot. Some critics, including the ever-vocal Lawmaker Sabrina Selva, have taken issue with the glaring omission of President Milei and his sister Karina from the investigation. It seems Selva believes that both should be called to account for their alleged role in the Libra scandal. To which we can only say: A family affair, you say? How delightfully scandalous! 😏

The investigation has its roots in accusations that Milei used his considerable political clout to give a good ol’ nudge to the LIBRA meme coin. At one point, the token’s value soared to a cheeky $5 and reached a market cap of $4 billion, all thanks to a bit of promotion on X (formerly known as Twitter, for those not keeping up). Of course, as is always the case with such speculative follies, the value then plummeted by 94% after Milei—ever the mysterious figure—deleted his post. Suspicious? Certainly. A pump-and-dump scheme? Possibly, but let’s not jump to conclusions… unless, of course, we’re writing a thriller. 🕵️‍♂️

Enter the lawyers: Marcos Zelaya and Jonatan Baldiviezo, with their trusty sidekicks, engineer María Eva Koutsovitis and economist Claudio Lozano. They’ve filed a formal criminal complaint, accusing Milei of fraud for his alleged role in the promotion of the cryptocurrency. Several critics, who have presumably watched one too many crime documentaries, claim that the whole affair was a “rug-pull” scam. And to make matters even more gripping, they accuse Milei of using his social media following of 3.8 million to deceive investors. The nerve! 😱

The LIBRA Findings

Now, hold your applause, because the numbers are in. According to Nansen, the on-chain analytics platform, a staggering 86% of traders who dabbled in LIBRA ended up losing around $251 million. However, in a cruel twist of fate (or just plain good fortune), a select few lucky investors managed to walk away with more than $180 million in profits. How do we get invited to that party? 🎉

Not content with the initial findings, blockchain analytics firm Bubblemaps joined the fray, revealing that LIBRA’s creators had a history of previous pump-and-dump schemes. And as if that weren’t enough, it seems profits may have been funneled through various wallets, one of which is linked to the creators of MELANIA token. Oh, the plot thickens!

But wait! Libra’s creator, Hayden Davis, isn’t exactly quaking in his boots. In fact, he’s gone on the offensive, dismissing all criticism as the whines of people who simply missed the boat. He’s defending the entire meme coin phenomenon, claiming that those upset simply failed to capitalize on a once-in-a-lifetime opportunity. Well, Hayden, if you say so… 🙄

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2025-04-10 06:50

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