Token Endorsed by Argentina’s President Linked to Shady Crypto Network

Concerns over LIBRA’s legitimacy have intensified after blockchain analysts linked the token to other controversial crypto projects, including the MELANIA meme coin.

These findings follow LIBRA’s surge and subsequent collapse after receiving public support from Argentina’s President, Javier Milei.

Chaofan Shou, co-founder of Fuzzland, revealed that LIBRA’s market maker, allegedly based in Delhi, was also behind MELANIA and other questionable tokens like ENRON and OGME. His analysis suggested a coordinated effort to inflate prices before offloading tokens onto unsuspecting investors. A deeper investigation uncovered a network of insiders orchestrating multiple launches, with one key figure at the center controlling “M3M3 Launchpad,” a platform facilitating these schemes.

The pattern is familiar: hype drives rapid price increases, only for values to crash once early insiders cash out. MELANIA saw its market cap soar to $2 billion before plummeting to $200 million, while LIBRA faced a similar fate after insiders allegedly withdrew $107 million, triggering panic selling.

READ MORE:

Billionaire Paul Tudor Jones Doubles Bitcoin ETF Holdings to $445 Million

Following the collapse, Milei denied any ties to LIBRA and called for an investigation, though critics accused him of promoting a dubious project. Meanwhile, KIP Protocol, associated with LIBRA, insisted it had no role in the token’s launch, while Hayden Davis of Kelsier—LIBRA’s market-making entity—blamed Milei’s team for fueling investor confidence before abruptly withdrawing support.

Despite the turmoil, Davis announced plans to reinvest $100 million into LIBRA and burn the acquired tokens, attempting to salvage the project’s reputation. However, the scandal has reinforced skepticism around meme coins and the influence of political figures in volatile crypto markets.

Alexander Stefanov