📉 Biggest scam in recent memory
Friends, this story wasn't because of another anonym who scammed hamsters by hacking some official's Twitter.
🔤 This time, Argentine President Javier Milei was at the center of the scandal because of the launch of the LIBRA memcoin, which may go down in history as one of the biggest «rug pull» schemes.
The token was created in a hurry: the investor form led to a Google survey, and the domain, purchased hours before the launch, was registered for only one year.
At its peak, LIBRA's capitalization reached $4.5 billion and daily trading volume was $1.1 billion. In the first three hours, insiders withdrew $87.4 million, causing the price to plummet.
📉 At the same time, sellers' transactions accounted for only 27% of total transactions, which means that retail buyers were simply «fed» this shit.
KIP Protocol, who work closely with the Argentine president, are also said to be behind the creation of the token or its promotion. Here's what they stated in their tweet:
💬 LIBRA is not a rag. KIP is involved in the project, but our main role is to help distribute funds to Argentine companies, not to manage the token.
Milei deleted his original post, saying he was simply supporting a private project he knew nothing about. He called the organizers of the scam «dirty rats».
❕ Crypto without regulation is the wild west. As long as there is no regulatory framework and regulation, such cases will recur. The best solution is to skip them or enter only for the amount you are willing to lose, even if the token is launched by the president himself 🔥
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