While Javier Milei, the president of Argentina, promoted a same named Libra, the price of the latter collapsed after reaching significant recovery. What happened?
The same Libra promoted by Javier Milei collapses
During the night from Friday to Saturday, Javier Milei promoted a same on his x account. The interested party explained that the “project” named Libra would be used to finance the local economy:
This private project is dedicated to encouraging the growth of the Argentine economy, by funding small businesses and Argentinian entrepreneurs. The world wants to invest in Argentina.
During the night, the Libra price went so far as to slightly exceed 4.56 dollars, which then represented a capitalization of more than $ 4.5 billion, a sufficient amount to temporarily exceed the PEPE. Since then, the token has collapsed and just traded at $ 0.24 when writing these lines:
Libra course in data 15 minutes
Faced with this manifest pump and dump, the X Lookonchain account has identified 11 portfolios that were created just a few hours before the launch of the Libra. In total, they would have made a profit of $ 4.8 million on token sales:
Profits made by initiate portfolios on the libra
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After this debacle, Javier Milei deleted his promotion tweet And sought to clear his involvement in the project:
A few hours ago, I posted a tweet, as I did many times, in support of an alleged private company with which I obviously have no link. I was not aware of the details of the project and after learning about it, I decided not to continue to share it (which is why I deleted the tweet).
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The team behind Libra manifests itself
Earlier this morning, A company named KIP Protocol claimed its involvement in the projectexplaining in passing that the Argentinian president had not taken part in the developments. However, even after the crash, the company described Libra's launch as a success.
Then, the CEO of KIP Protocol returned to the objective of this initiative:
The funds are always on-chain and not a single soil will be moved. Yes, KIP is involved in the project, but our main role is to help manage the allocation of funds to Argentine companies, and less on the side of the Tokens. […] We will develop the plan to carry out the Libertad project in accordance with the initial objective.
What is interesting, however, is that last fall, The interested party had shared a selfie with Javier Mileiafter an interview on artificial intelligence:
I was honored to have an in-depth discussion with President Javier Milei @Jmilei On How Ai Will Impact Societies.
I shared on How ai affects the Jobs of the Future, How It's important for all country to have a strategy for ai sovereignty, and How @Kipiprotocol is focused we have … pic.twitter.com/ggnrnorhrs
– Julian @ 𝗞𝗜𝗣 ㊋⫸ (@julian_kip) October 20, 2024
👉 In the news also – Changpeng Zhao strongly criticized for its hidden advertisement on the BNB Chain and the same
Whatever the legitimacy of the Libra and the real involvement of the Argentine president, this episode reminds once again that the same benefits their creators more often than their community. Thus, it is all the more important to be wary, at a time when this practice is fashionable, with profits that are most of the time to the detriment of the private investor.
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Sources: X, Dex Screener
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