LIBRA Rugpull: Over $100 Million Wiped Out in Just a Few Hours

LIBRA Rugpull: Over $100 Million Wiped Out in Just a Few Hours

A shocking rugpull just happened with the memecoin LIBRA on Solana, leaving the crypto community in shock. It is worth mentioning that this event is directly related to the President of Argentina, Javier Milei.

LIBRA Soars High Then Falls Without Brakes

Last night, Javier Milei suddenly posted the LIBRA contract address on social media, attracting huge attention. Immediately, capital poured in, causing this coin to reach a valuation of 4 billion USD in just a few hours.

However, the joy was short-lived. In just 6 hours, LIBRA lost more than 95% of its value, becoming one of the biggest rugpulls on Solana.

Notably, shortly after LIBRA's collapse, Milei quietly deleted the post, raising questions: Was this an intentional hoax or just a mistake?

The Truth Behind On-Chain Data

Source: Arkham Intelligence

On-chain data analysis shows that LIBRA showed signs of manipulation from the very beginning:

• 70% of the total supply is in just two large wallets.

• 15% of the supply is pumped into Meteora LP from the developer's wallet.

• In total, $106.2 million was withdrawn from the system within 18 hours .

• Of which, 57.6 million USDC and 48.6 million SOL were transferred to many different wallets, making it difficult to trace.

• The withdrawn funds are quickly divided and dispersed , in line with the professional rugpull model.

These indicate that a sophisticated dumping plan was hatched.

What happened next?

• The developer has earned over $20 million in transaction fees , thanks to the tokens being put into liquidity.

• 7 large wallets received a total of 60 million LIBRA from the deployer , then pumped it into the liquidity pool, then quickly withdrew SOL and USDC before the price collapsed.

• The crypto community discovered that the wallets involved moved large amounts of assets to decentralized platforms to avoid being tracked.

Source: Arkham Intelligence

Who is behind the scam?

Not stopping there, there was much speculation on Twitter that a member of Milei's advisory team had prior knowledge of LIBRA. There was suspicion that an internal group had early information, jumped in before the project went public, and then dumped the token when it peaked.

This is not just a normal pump & dump but shows signs of being staged from the beginning.

Conclude

With over $100 million stolen , the biggest question is: Who is really behind this rugpull and who is the beneficiary?

This event continues to be a strong warning to investors against projects that lack transparency, especially in the volatile world of memecoins.