Timeline | Argentine President 'Mints' a Coin, Backstage Team Cashes Out $100 Million in 4 Hours
At 6:00 a.m. this morning, Argentine President Javier Milei's official account announced the launch of the meme coin LIBRA and revealed the address, causing a sharp price surge for LIBRA. Javier Milei, a presidential candidate who had threatened to destroy the country's central bank, was officially elected as the President of Argentina on November 20, 2023. He is well-known in the crypto community because he is also a staunch supporter of Bitcoin, hoping to use Bitcoin to solve Argentina's inflation problem. Related reads: "This 'Bitcoin Madman' Has Really Become the President of Argentina", "Forbes: Why Are Argentines Embracing Cryptocurrency?"
However, about 4 hours later, Javier Milei deleted his previous tweet, claiming he was unaware of the meme coin LIBRA that was released, causing the token's price to plummet. Subsequently, the team behind LIBRA responded, stating that President Milei was not involved in the development of the LIBRA project. Following Trump, another president has issued a coin. What is the truth of the matter? Milei really unaware? BlockBeats will continue to follow up and provide real-time updates. Here is a timeline of events:
LIBRA Team's Response: President Milei Was Not Involved in the Development of the LIBRA Project, Thank You for Your Support and Trust
At 11:36 a.m., the Web3 AI underlying layer KIP Protocol posted on social media that today they launched the ambitious Viva la Libertad project aimed at assisting Argentina's private enterprises. LIBRA has been successful, and they thank everyone for their trust and support. It needs to be clarified that this is a private enterprise project, and Argentine President Javier Milei has neither in the past nor present been involved in the development of this project; it is a wholly private enterprise.
It is reported that the Viva la Libertad project's official website indicates that it is a private independent project developed by KIP Protocol. (In the accompanying picture, the person on the left is KIP co-founder Julian, and the person on the right is President Milei, the photo was released in October 2024)
The LIBRA Team has Liquidated a Total of $107 Million
According to Lookonchain monitoring, 8 wallets associated with the LIBRA team have liquidated 57.6 million USDC and 249,671 SOL (equivalent to about $49.7 million) through adding liquidity, removing liquidity, and collecting fees, totaling approximately $107 million cashed out.
Argentinian President Claims Unawareness of Earlier Released LIBRA and Lambasts Puppeteers
At 11:38 AM, Argentinian President Javier Milei posted on social media, stating that a few hours ago, he had tweeted, thinking it was just a casual show of support for a private entrepreneurial project unrelated to him as usual. He was not clear about the details of the project and, upon understanding, will definitely not spread it further (which is also why he deleted the tweet). He expressed disgust for the dirty rats trying to take advantage of the situation to harm people, confirming daily how despicable politicians can be, further solidifying his determination to kick you out with one foot.
Around 11:30 AM: Argentinian President Deletes Related Tweets
Argentinian President Javier Milei deleted the tweets related to LIBRA he had previously posted, causing a price freefall of LIBRA.
10:00 AM: LIBRA Plummets Over 85% from its Peak, with $1.2 Billion in 4-Hour Trading Volume
According to GMGN market data, the Meme coin LIBRA, allegedly launched by Argentinian President Javier Milei, has plummeted over 85% from its peak of $4.61 this morning but still retains a market cap of $600 million. Within 4 hours of trading, it has accumulated a total trading volume of $1.2 billion.
6:00 AM: Argentinian President's Official Account Shares LIBRA Meme Coin Address
On February 15, Argentinian President Javier Milei announced the launch of the Meme coin LIBRA through his official X account and disclosed the contract address, causing a surge in LIBRA's price. Within 1 hour, Embers detected at least 3 insider trading addresses earning over $20 million each.
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