The post Inside the Presidential Pump-and-Dump That Led to a $4 Billion Crash appeared on BitcoinEthereumNews.com.

After Argentine President Javier Milei endorsed the LIBRA meme coin launched on February 14, 2025, it has become the subject of investigations by experts due to a pump-dump scam. When insiders quickly sold off their shares, they withdrew $107 million, causing the coin’s value to crash and wiping out over $4 billion from its market cap within just a few hours. This report will look into how the market reacted, the overall sentiment of the community, and the effects of the coin’s launch. We’ll also explore the roles of major figures, the Argentine government, and what might happen next with the $LIBRA coin. From Startup to Scam: All About LIBRA Meme Coin $LIBRA is a cryptocurrency created by entrepreneur Hayden Davis, who is also the CEO of Kelsier Ventures, a crypto investment firm. Bloomberg reports that KIP Protocol, a company focused on decentralized AI technology, was involved in launching $LIBRA. KIP claims they joined after the launch to help select tech projects and support AI efforts. The coin runs on the Solana blockchain, known for its quick and cheap transactions, popular with meme coin traders. People could buy the token through a website named vivalalibertadproject.com, a slogan often used by Milei, whose political party is also named La Libertad Avanza. Presidential Endorsement Ignites a Meteoric Price Surge On the evening of February 14, Argentine President Javier Milei posted on social media that the $LIBRA token would boost Argentina’s economy and support small businesses. He linked to the token’s website, promoting it as a way to fund local companies and ventures. It was reported that the $LIBRA token was created just before Milei’s announcement and the website domain was registered the same day. Milei claimed in his post that Argentina was attracting global investment. Initially, $LIBRA’s price started near zero and…

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Filed under: News - @ February 18, 2025 1:21 am