Libra

Quick Summary

The LIBRA memecoin collapse wiped out $4.4 billion, leaving 74,000 traders with $286M in losses. Promoted by Argentina’s President
Javier Milei, the token surged before insiders rug-pulled. Kelsier Ventures and Hayden Davis orchestrated the scam, with leaked
messages suggesting financial leverage over Milei. Argentina’s stock market fell 6%, and Congress is considering impeachment.
Milei deleted and reshared his promotions, dismissing concerns. Legal investigations and insider trading evidence continue to
unfold.




Details of the Exploit

LIBRA’s collapse followed a classic insider-driven rug pull, where key figures, including Hayden Davis and Kelsier Ventures,
pre-mined large token allocations and coordinated promotions through influencers and President Milei to inflate the market cap to
$4.4 billion. Insiders began offloading their holdings at the peak, draining liquidity and crashing the price, while on-chain data
linked the scam to past fraudulent projects like MELANIA and OG FUN. A high-profile trader, Barstool’s Dave Portnoy, reportedly
lost $5.17 million but later received a $5M USDC reimbursement, fueling speculation about insider compensation. Further leaks
exposed how Jupiter and Meteora insiders knew about LIBRA’s launch in advance, allowing them to execute sniping trades for
millions in illicit profits, leading to criminal fraud charges and political fallout in Argentina.