While Argentine President Javier Milei was busy “spreading the word” about the new Libra token, insiders were plotting one of crypto’s most brazen rug pulls yet. The February 14th, 2025 launch on Solana quickly turned from a $4.56 billion dream into a nightmare, with 90-95% of value vanishing faster than political promises. The fundamental value problem plagued the project from the start, as it offered no real utility beyond speculative hype.
But here’s where it gets juicy. Hayden Davis, CEO of Kelsier Ventures and the mastermind behind Libra, dropped a bombshell: he claimed to have President Milei in his pocket through payments made to the president’s sister, Karina Milei. Talk about keeping it in the family. Text messages revealed that Davis had total control over Milei’s inner circle.
The aftermath was brutal. One unfortunate wallet lost $5.17 million in the crash. Insiders managed to cash out a cool $107 million in liquidity. Even Solana’s native token took a 10% hit over the weekend. Meanwhile, Argentina’s stock market stumbled 5%, because apparently one crypto disaster wasn’t enough drama for one country.
The political fallout? About as pretty as a dumpster fire. Opposition leaders are calling for Milei’s head, metaphorically speaking. Criminal fraud charges are piling up, and the Anti-Corruption Office is digging through the mess like it’s searching for buried treasure.
President Milei’s defense? He just “spread the word.” Right.
Industry reactions were predictably harsh. Even Sam Bankman-Fried – yes, that SBF – chimed in about preventing such disasters. The Jupiter Exchange rushed to deny any insider trading involvement, while the Argentine Fintech Chamber reluctantly admitted this might have been a classic rug pull. Who would’ve thought?
Now regulatory agencies are scrambling to figure out how to oversee whatever’s left of Libra, while concerns about criminal financing and monetary policy interference swirl around like vultures over carrion.
One thing’s crystal clear: this wasn’t just another meme coin gone wrong – it was a masterclass in how not to launch a token.
