Crypto investors lost more than $ 251 million on LIBRA memo coin

Note: not investment advice!

The scandal around the LIBRA meme token continues to escalate — it has become known that people associated with the token’s creators have withdrawn $ 99 million in liquidity, leaving investors with massive losses. According to analytics company Chainalysis, eight cryptocurrency wallets allegedly linked to the LIBRA development team withdrew the funds, which led to the project’s devaluation.

As a result, 86% of traders lost more than $ 251 million, while a small part of the participants made $ 180 million in profit. The situation is being investigated by the Argentine authorities, as the country’s President Javier Milei, whose social media post contributed to the LIBRA hype, is under threat of impeachment and possible criminal charges.

Miley himself denies any involvement in the project, saying that «no one forced people to invest in the coin.» However, his advisor, Hayden Davis, confirmed that he personally oversaw the withdrawal of about $ 100 million in liquidity, although he claims that he did not plan to make a personal profit from these funds.

At the time of writing, LIBRA is trading at $ 0.2333, down 15% over the past 24 hours and 77% from its peak. Investors and crypto market analysts see this case as another example of the risks associated with speculative meme coins and the lack of strict regulation in the crypto sector.

The No Worries editorial team strongly advises readers not to invest their own funds in dubious crypto projects and little-known digital assets!