Crypt coin shared by Argentina's President Javier Milei skyrocketed Friday, then collapsed

[Redpossum]

For those who don’t know, this is known as a rug pull, the crypto equivalent of a pump’n’dump scam. A deliberate scheme to steal a bunch of money from greedy but uninformed speculators.

They build up the value by ways of some announcement, then at its peak, sell it all, pulling the rug from under everyone else.

What better announcement than the president of the nation.

Milei screwed up big time here.

Amusingly enough the CEO of $Libra is blaming Milei, saying he caused the crash when he withdrew his endorsement, but I'm not sure that fits with the timing of things. It's my understanding, from what I've read, that Milei backpedaled when the crash began. But the finger-pointing is still amusing.

 

[JeffR]

It's been clear from the start the Milei is a big Trump fan-boy. But his mimicking of the US President's every move is getting pretty embarrassing at this point. MA(Argentina)GA, anyone?

 

[jorisw]

From what I understand this kid who did the $LIBRA launch did the $TRUMP and $MELANIA coins too. Sounds like they offered it to Milei and he said, sure, porque no.

 

[Redpossum]

Here's a link to a google-translated version of that story in Clarin. The usual Google Translate deal applies, the story will initially appear in Castellano, but wait a few seconds and it will change to English.

It's fairly damning.of the whole business, though not of Milei specifically.

At first I was surprised that Clarin was devoting so much page space to the story, given their strong links to Macri and PRO, who are Milei allies.
Then I remembered reading that Macri was worried about PRO losing a lot of seats to LLA at the midterms, so perhaps they are taking advantage of the chance to beat him up a bit, weaken him politically, to avoid the potential loss of those seats.

The interview itself is interesting. The youngster contradicts himself several times, denying something and then later admitting it-

In another passage, he confessed that he participated in the launch of Melania Trump 's cryptocurrency , said he was threatened and maintained that the crypto market is something more similar to a casino.

A project gone wrong​

Davis sounded nervous and even angry about the last 72 hours since the launch of the Viva la Libertad project and the $LIBRA cryptocurrency, promoted by Milei on his X account on Friday afternoon. It took off quickly, going from being worth 0.3 cents to about 5 dollars and back to 0.3 in a massive withdrawal of funds very similar to a type of scam known as Rug pull and which left victims all over the world.

Davis categorically denied this. "It was not a Rug pull, there is still liquidity. I am not a scammer, this was a scheme that went miserably wrong. It did not benefit me in any way and my life is currently in danger," he said.
...

Although he denied that it was a scam, Davis did confess that purchases were made with privileged information and that, for that reason, he now owns some 110 million dollars of the project of which he "wants nothing to do" and seeks to get rid of.

....

In his words, Davis maintains that the project was a pilot test to fulfill Milei's "deep desire" to "put all public operations on the blockchain." "All the financial transactions in the country he wants to tokenize. This was a test, it was not going to be his memecoin ," he said.

However, for the rest of the interview he talked about $LIBRA and its entire market as if it were a memecoin. That is, a joke crypto instead of a tool to finance productive projects as it was advertised on the website.
According to the businessman, the original plan for the launch included a second appearance by Milei, who would record a video supporting the project, along with other "high-profile" figures who would also accompany and interact with the posts on social networks.


Anyhow, you can read the rest for yourselves. Poor boy, stuck with 110 million USD and doesn't know what to do. (cough cough)

 

[carride]

KIP Protocol, a Web3 company that builds AI payment infrastructure, disclosed that it was involved in the Libertad project promoted by Argentine President Javier Milei on X, which featured the LIBRA token that collapsed by over 95% within hours of launching.

https://cointelegraph.com/news/kip-protocol-reveals-involvement-javier-milei-endorsed-libra

https://twitter.com/x/status/1891418043500405167

 

[LuckyLuke]

Argentinians the nation over just lost a fortune recently with the Rainbow Exchange crypto pyramid scheme run by a mysterious owner name "la china". That they would jump right into another one because of one tweet just really goes to show that a fool and his money are destined to be parted.

 

[Goata]

as Gomer Pyle used to say- "Surprise, Surprise, Surprise".

Haha, I wonder what the age cut off is for people who know who Gomer Pyle is.

 

[Redpossum]

Haha, I wonder what the age cut off is for people who know who Gomer Pyle is.

Like...Mayberry RFD, Green Acres, The Andy Griffith Show, My Favorite Martian, Mister Ed...umm, yeah. I'm old now.

 

[carride]

Hayden Davis, founder of the controversial Libra (LIBRA) memecoin project, claimed that complaints about memecoin trading stem from investors frustrated over not being part of insider deals.

“The vast majority of people betting on memecoins, especially at the beginning — and I think there’s a separate conversation — like, that is the game for everyone. And people that get mad are the people that aren’t insiders,” Davis said. He added:

“All the bitching on socials is all the people that don’t get into the deals. You’ll never hear them bitch if they’re in the deal.”

https://cointelegraph.com/news/libra-founder-says-memecoin-critics-only-bitch-when-left-out-of-insider-deals

 

[Dim Witty]

Now Milei me down to sleep.

While Olly and the Garks do cheat

From high above they wear no frown

Content to know it won’t trickle down