Key Notes

Key Notes:

Investigations revealed that LIBRA’s team allegedly used three insider wallets to manipulate the token’s launch.Wallet “0xcEAe…06e2” played a central role, transferring funds across chains and engaging in sniper activities.Argentinian President Javier Milei is under scrutiny after endorsing the LIBRA token after massive pump and dump.

Following the collapse of LIBRA meme coin over the past weekend, blockchain analytics platform Bubblemaps has discovered that there’s a strong connection between the teams of LIBRA and MELANIA MELANIA $1.27 24h volatility: 2.5% Market cap: $190.59 M Vol. 24h: $33.67 M meme coin, both of which crashed soon after their respective launch.

As per the latest research by Bubblemaps, the wallets associated with the MELANIA meme coin creator were also part of the transactions in the LIBRA token, thereby engaging in profit-taking from both launches.

Following its debut last Friday, the LIBRA token quickly gained momentum following the endorsement of Argentina’s President Javier Milei. This led to a dramatic rally in LIBRA price with its valuation soaring into billions before crashing within hours.

Further investigation showed that insider activity further exacerbated the collapse withdrawing $107 million from trading fees and liquidity pool funds. The controversial launch has triggered backlash, with calls for President Javier Milei’s impeachment intensifying. In their official post on the X platform, Bubblemaps noted:

“There’s been speculation that MELANIA and LIBRA are tied to the same team, but without solid proof — until now. After analyzing cross-chain transfers and timing patterns, we’re highly confident this is the case”.

In its investigative report, blockchain analytics platform Bubblemaps provided significant evidence surrounding the use of the LIBRA token. A Solana wallet identified as “P5tb4” reportedly accumulated over $2.4 million through sniper activities on the Melania token.

Later the same wallet transferred these funds to an Avalanche-based EVM wallet “0xcEA” linked directly to MELANIA’s creator via funding transactions and cross-chain transfers. Bubblemaps further revealed that weeks later, the 0xcEA wallet, via cross-chain swaps, began funding DEfcyK, the primary creator wallet of LIBRA.

The LIBRA team is under scrutiny for allegedly using three insider wallets to manipulate their token launch, profiting $6.65 million in the process.

According to blockchain data, wallet “0xcEAe…06e2” bridged 1.6 million $USDC to three wallets on Solana just hours before the $LIBRA token launch. These wallets then sniped 3.77 million $LIBRA tokens, which were quickly sold for 8.25 million $USDC, generating a $6.65 million profit.

Further analysis suggests that wallet “0xcEAe…06e2” bridged $USDC from Avalanche to Solana and made payments to Dave Portnoy, indicating that the wallet might be directly associated with the $LIBRA team.

Source: Bubblemaps

Pro-crypto Argentinian President Javier Milei could be in legal trouble as he faces criminal charges in a lawsuit after promoting the LIBRA meme coin which witnessed massive pump and dump.

Lawyers in Argentina have reportedly filed a criminal complaint against Milei. Soon after the launch, the LIBRA token soared to a $4.56 billion market capitalization on February 14 after Milei endorsed it on X. However, its value plummeted by over 94% after the president deleted the post, sparking allegations of a pump-and-dump scheme. The complaint by the lawyers accuses Milei of complicity in fraud.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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