LIBRA Meme Coin Exposed As Insider Secret Ties to MELANIA Token

The recent headlines surrounding the LIBRA meme coin have shed light on some concerning revelations that have left investors disillusioned. A recent investigation by Bubblemaps, a team of blockchain analysts, has unearthed a tangled web of suspicious connections between LIBRA and MELANIA, another controversial token.

The investigation findings suggest that the individuals who profited immensely from MELANIA may also be behind the crash of LIBRA, hinting at a potential pump-and-dump scheme in the cryptocurrency realm.

Another Classic Pump-and-Dump

According to the analysts, the same insiders who were linked to MELANIA’s success are suspected to have orchestrated the launch of LIBRA using similar dubious tactics. The saga began with an address known as P5tb4, which raked in over $2.4 million from MELANIA.

What raised eyebrows further was the subsequent transfer of profits to a wallet labeled 0xcEA, directly associated with MELANIA’s creator.

Making matters worse, the transactions were conducted through USDC’s Cross-Chain Transfer Protocol (CCTP), adding a layer of complexity to tracking the fund movements initially.

The plot thickens as it was discovered that 0xcEA also financially supported the creator of LIBRA, identified as DEfcyK, who cashed out a staggering $87 million before the token’s downfall. Similar to MELANIA, the launch of LIBRA was manipulated by insiders who seized the opportunity early on, siphoning millions before unsuspecting retail investors could react.

Web of Manipulated Tokens

The trail doesn’t end with LIBRA and MELANIA. The same address has been linked to several other pump-and-dump tokens like TRUST, KACY, VIBES, and HOOD.

This pattern isn’t isolated incidents but rather a systematic approach to launching, inflating, and deflating tokens, leaving retail investors at a disadvantage. Further scrutiny revealed that 0xcEA was also involved in seizing LIBRA early, pocketing an additional $6 million through multiple wallets to obscure the activity.

Who’s Responsible Behind These?

Following the collapse of LIBRA, the controversy took a political twist when Argentine President Javier Milei, who was allegedly tied to the LIBRA project, vehemently denied any involvement. In the aftermath of LIBRA’s tumultuous price plunge, Milei called for an inquiry into potential market manipulation.

Some critics even floated the idea of impeaching him over his purported connections to the scandal.

Meanwhile, KIP Protocol and Kelsier Ventures, both associated with the launch of LIBRA, are embroiled in a blame game. KIP’s CEO, Julian Peh, disavows any responsibility for LIBRA’s launch and shifts the blame to Kelsier, the market maker, holding them accountable.