Author: shushu
The "Golden Dog Law" at seven in the morning has taken effect again, but this is the first time someone is glad they didn't wake up.
The reason is that the well-known "Bitcoin" president of Argentina has endorsed a meme coin called LIBRA. Although it is not a token named after Trump like TRUMP, the anticipation of a president creating wealth like Trump has led LIBRA to be equated with the same heavyweight significance as Trump's token.
However, despite it being a Saturday morning, LIBRA did not share the same fate as TRUMP. One after another, large loss wallets were exposed, with even Solayer founder Chaofan Shou and Solayer engineers losing over $2 million on LIBRA, captioning it with "Let's see what two hackers and a free weekend can bring us."
Why, with all the elements in place—president, Moonshot, big pool—did LIBRA end up with such a script? Why couldn't we make money from LIBRA?
President's Endorsement, Team Harvesting
It can be said that Milei's tweet endorsing LIBRA with its CA and official website link was the main reason for LIBRA's market cap skyrocketing. Just like Trump, he shouted slogans, and after confirming his account wasn't hacked, the market cap surged to $4 billion.
Milei wrote in his tweet, "This private project will be dedicated to promoting the growth of the Argentine economy by providing financial support to small businesses and entrepreneurial projects in Argentina."
But the tone began to shift. Less than two hours after LIBRA's launch, just after the market cap broke $4.4 billion, LIBRA started to experience significant sell-offs. Initially, group members thought it was profit-taking, but as the plummet continued, they realized it was a batch of addresses starting to withdraw from the pool.
By 9 AM, according to Bubblemaps analysis, the LIBRA launch team had already profited over $87 million through multiple addresses withdrawing from the pool.
By noon, according to Lookonchain monitoring, eight wallets related to the LIBRA team had obtained 57.6 million USDC and 249,671 SOL (approximately $49.7 million) through adding liquidity, removing liquidity, and claiming fees, totaling about $107 million cashed out.
Despite this, some traders were still analyzing LIBRA's potential, claiming that no one had come out to refute it, and perhaps there would still be good news to lift the coin price.
President Shifts Blame, Team Exposes Itself
But all of this shattered with Milei's next tweet.
The president claimed he supported a so-called private entrepreneurial project but had no connection to it. "I did not understand the details of the project, and after learning more, I decided not to continue spreading related information (thus I deleted the tweet)."
In the thick atmosphere of Valentine's Day, Milei staged a cringe-worthy performance reminiscent of a bad boyfriend. By this time, LIBRA's market cap had already dropped to $450 million, and as soon as the tweet was released, LIBRA's market cap plummeted to $200 million.
Even more absurdly, a project actually stepped up to claim the LIBRA launch. The official website of the Viva la Libertad project shows that it is a private independent project developed by KIP Protocol.
As LIBRA approached zero, the Web3 AI infrastructure KIP Protocol announced the launch of the "Viva la Libertad" project, aimed at helping Argentine private enterprises, stating that LIBRA's success was due to everyone's trust and support. They also added that President Milei had not participated in the development of the project, and Viva la Libertad was independently developed by KIP Protocol.
On the left is KIP co-founder Julian, and on the right is President Milei, the photo was released in October 2024.
Subsequently, Julian stated that the funds for the Viva la Libertad project remain on-chain, and no SOL has been transferred. The KIP team is involved in the project, primarily responsible for managing the allocation of funds to Argentine companies, rather than the token aspect.
What Lessons Can Be Learned?
Some tweets pointed out that LIBRA was a carefully crafted scam to harvest IQ150 group members, mainly because, with TRUMP's experience in front and Moonshot's behind, some people suffered losses due to not carefully examining all the core information about LIBRA and the FOMO sentiment.
For example, at 6:30 AM, the analysis agency Bubblemaps stated that 82% of LIBRA's total supply was concentrated in one address, and the token economics were not disclosed.
Additionally, LIBRA's minting function can be frozen, the liquidity pool has not been destroyed and has high fees, and there are suspicious sources of funds.
Moreover, the project’s official website was created using Webflow and displayed a Gmail address, and no formal information related to "KIP NETWORK INC" could be found, indicating insufficient actual connection to the issuance of tokens or related businesses. Although the website is in English, considering the project background, it should have used Spanish, and the domain was purchased on the same day, further questioning the project's credibility.
Smart people learned from TRUMP to check if LIBRA was on Moonshot right away, and finding the contract was the reason many smart investors dared to heavily invest. However, the contract found was not truly on Moonshot; a few days prior, Moonshot had modified its application rules, allowing projects to register on Moonshot, making it possible to find it through the contract address. Only if the token name is manually searched on Moonshot will it show that it is genuinely on Moonshot.
Sometimes, making money is a matter of luck; some people don’t like to sleep in, so they caught TRUMP, while others like to sleep in, so they avoided LIBRA.
On January 18, 2025, TRUMP launched a token, and you made money and gained freedom. Relatives and friends heard about it and complained that you didn’t notify them in time to get rich together, and you said, "I'll create a small group to notify everyone the next time a president launches a token."
On February 15, 2025, the Argentine president launched a token, and you frantically called friends to go all in.
On February 15, 2025, you had no friends left.
Although the joke is funny, the losses are real and painful. I just hope that next time, group members will still call me, and we can earn it back!
Finally, I need to remind group members to beware of scams after losing money while seeking rights protection.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
