Dave Portnoy Accidentally Buys Wrong Crypto Token, Loses 170K

Barstool Sports founder Dave Portnoy unknowingly sank nearly $170,000 into the wrong LIBRA token, triggering a massive price spike before its value collapsed.

The token he bought had no connection to the one tied to Argentina’s President Javier Milei, whose involvement in a separate LIBRA project has sparked political backlash.

Portnoy’s accidental purchase briefly sent the obscure token soaring by over 3,000%.

Realizing his mistake, he took to social media, calling it a “meme coin” and warning followers not to take it seriously. His investment has since dwindled to just $62,000.

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Meanwhile, controversy swirls around the other LIBRA token, which Milei once endorsed before abruptly pulling his support.

The token’s market cap hit $4.5 billion before plummeting by 95% amid allegations that insiders offloaded $107 million in funds. The fallout has led to accusations of fraud against Milei and demands for his impeachment.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.