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In the early morning of February 15, Beijing time, Argentine President MILEI, known for his liberalism, posted on his social media that LIBRA tokens were issued for state financing.
According to GMGN, a wallet is financed by KuCoin’s user address: Gr3eiF…RtS4eb bought the Argentine president’s token LIBRA at an average price of $0.26945 and sold it all at an average price of $2.9139, making a profit of $8.7 million an hour, making it the address with the highest total profit.
However, LIBRA has been falling since it hit a high of $4.60 less than an hour after its launch, with an average purchase price of $1.60 for Top100 holders and has suffered huge losses.
According to EmberCN monitoring, insider traders in LIBRA, the Meme token issued by the Argentine president, have made at least 20.18 million of their profits through LIBRA. The operation of the address is as follows: a few hours before the release of the tweet, USDC and SOL funds were raised through CEX such as Binance, Bybit, Kucoin, etc.; bought in the first second of the Argentine president’s tweet; sold in batches after the market pulled up the LIBRA. The operation of at least 3 addresses is consistent.
At noon Beijing time on February 15, Argentine President Miller tweeted: a few hours ago, I posted a tweet, like countless times, in support of a private startup project that I obviously had nothing to do with. I didn’t know the details of the project at the time, but later, after an in-depth understanding, I decided not to promote it (so I deleted that tweet).
Eight wallets associated with the LIBRA team received 57.6 million USDC and 249671 SOL ($49.7 million) by increasing liquidity, removing liquidity and charging fees, for a total of about $107 million, according to LookOnChain.
KIP Protocol tweeted that it was the team behind the Argentine president’s coin issue, the Viva la Libertad project was designed to help Argentine private companies, and LIBRA tokens had some success. In order to address unnecessary issues, we would like to clarify that this is a private enterprise project and that President Mile was not involved in the development of the project, as he himself mentioned. This is a completely private enterprise project.
KIP Protocol’s official Twitter account says it is supported by Animoca Ventures and is the official AI partner of Animoca’s Open Campus project. In 2024, KIP Protocol announced the completion of $5 million in private equity financing, led by Animoca Ventures and Tribe Capital, and other investors including GBV Capital,DWF Ventures,Morningstar Ventures. According to its official page, the team is mainly Chinese from the National University of Singapore.
According to CEO Julian Peh Bai Qihao’s personal LinkedIn, he studied in high school in Singapore Raffles Junior College,2000 and received a bachelor of laws degree from the National University of Singapore in 2004.
Https://www.linkedin.com/in/julianpeh/?originalSubdomain=sg
Animoca Brands tweeted that Animoca Brands invested in KIP Protocol with many other investors in February 2024, but Animoca Brands, Animoca Ventures, and Open Campus did not understand and participate in the release and development of LIBRA tokens.
Chaofan Shou, co-founder of security company Fuzzland, tweeted that he and Solayer engineer tonykebot lost more than $2 million on LIBRA, pictured with a list of core members of KIP Protocol, the team behind LIBRA, with the caption & ldquo;, let’s see what two hackers and a free weekend can bring us & rdquo;. Julian, co-founder of KIP Protocol, responded to Chaofan Shou on social media that LIBRA is not a rug project and that the large amount of support received by the project is sufficient to prove its legitimacy & ldquo; if this were a scam, we wouldn’t have the startup support we have now. Just because you lost money doesn’t mean it’s a rug. & rdquo
KIP Protocol Co-founder Julian issued a preliminary response to the LIBRA project, saying that the Viva la Libertad project aims to promote Argentina’s economic development by providing funding for small projects and local businesses, and to support those who seek to expand their careers and contribute to the country’s development. The money is still on the chain and no SOL has been transferred. The KIP team is involved in the project and is mainly responsible for managing the allocation of funds to Argentine companies rather than tokens. The token is not pre-sold and all sales are carried out through the unilateral liquidity pool. The KIP team will develop the operation plan of the Libertad project based on the original objectives and promise that no SOL will be used for non-project purposes, all funds will be accounted for transparently, and more details will be provided later.
According to Lookonchain, HJXRy9…hzQiaz bought 1.11 million LIBRA for 14214 SOL (worth about $2.85 million) and sold them all for 3964 SOL (worth about $781000), losing $2.07 million in two hours.
Andre Cronje, co-founder of Sonic Labs (Fantom), tweeted that we used to argue with each other because a function that does not affect assets is controlled by an external account or a contract is controlled by multiple signatures rather than time locks. Now presidents and sovereign states are dumping on us in the mode of full-scale crime. Encryption lasts forever. In response to a question about whether he regretted returning to the currency circle, AC said: this is only the result of wider adoption, and the Meme currency craze does not conflict with my work. The person who participates in Meme coin is a group that doesn’t care about DeFi or even blockchain at all. So the Meme coin doesn’t take any attention, because the participants are not our user group in the first place. So, I’m happy to see it happen.
It is worth noting that this is not the first time that Argentine President Mile has conducted similar activities. In 2021, he posted information about CoinX, a self-proclaimed high-return investment platform on Instagram, and in June this year, Argentina’s National Securities Commission (CNV) issued a risk warning to the public about CoinX and banned the operation of the platform. Currently, the victim has filed a lawsuit against the Ponzi scheme Javier.
On Feb. 16, KIP Protocol said that KelsierVentures is fully responsible for the issuance and market-making of tokens, representing Hayden Davis, the sponsor of the project, and that the wallets do not belong to KIP. All matters related to issuance and tokens should be handed over to the Kelsier as they are dealing with the matter and plan to transfer the tokens to the Foundation. All SOL acquired today will be re-injected into LP. All market-making fees will be transferred to a foundation in Argentina. The foundation will continue to run the plan as planned.
Argentine President Javier Milei initially supported and actively promoted Libra tokens, including X and Instagram, on social media platforms, Kelsier said in a statement. His colleagues received his public support at the time of the release and assured me that he would continue to receive support throughout the release process. Despite previous promises, Milei and his team unexpectedly changed their position, withdrew their support and deleted all previous social media support. After consulting experts, I suggest reinvesting 100% of the funds under my control (up to US $100 million) in Libra tokens and destroying all purchased supplies. Unless a more feasible alternative is proposed, I intend to start implementing the plan within the next 48 hours.
