Libra’s $4.5B memecoin collapse sparks resignations and political chaos — what we know so far
The post Libra’s $4.5B memecoin collapse sparks resignations and political chaos — what we know so far appeared on BitcoinEthereumNews.com.
The dramatic collapse of the Solana-based Libra memecoin has sparked controversy, legal battles, and renewed scrutiny of the crypto market. Once valued at $4.5 billion, the token plummeted 95% over the weekend, leaving retail investors with heavy losses and raising questions about insider activity in the memecoin sector. CryptoSlate has curated some of the major talking points and community reactions below: Political turmoil in Argentina Argentina’s president, Javier Milei, has been spotlighted following the token’s crash. While Milei has argued that he only shared information about LIBRA, his perceived endorsement fueled investor interest before the project unraveled. However, he explained that he was introduced to LIBRA as a tool to help entrepreneurs access funding in Argentina’s informal economy. Still, critics accuse him of enabling reckless speculation, which has led to legal challenges and even impeachment threats. Milei has since acknowledged the need to reassess his approach to public engagement as the controversy unfolds. Plans for a Nigeria memecoin? Beyond Argentina, reports suggest that the LIBRA team explored launching a separate token in partnership with Nigeria’s government administration members. Kelsier Ventures, the company at the center of the controversy, allegedly discussed releasing a Solana-based token linked to Nigerian political circles. Although no direct evidence connects Nigerian President Bola Tinubu to the initiative, sources claim that some of his associates were involved. One insider described the project as “far along” before it stalled. These allegations could further damage trust in politically affiliated crypto ventures if confirmed. Meteora co-founder resigns In a related development, Ben Chow, co-founder of the Solana-based Meteora platform, stepped down amid insider trading allegations tied to high-profile memecoin launches. Meteora previously supported the launch of controversial Donald Trump-related tokens, raising ethical concerns about its handling of liquidity and early access. On Feb. 18, Meow, the co-founder of Meteora and…
Filed under: News - @ February 18, 2025 11:17 am