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The Libra token (LIBRA) is a Solana-based memecoin that gained international attention in February 2025 after Argentine President Javier Milei briefly promoted it. Marketed as a project to stimulate Argentina's economy by funding small businesses, LIBRA's value surged to over $4.50 before crashing below $0.20 within hours, leading to significant investor losses and allegations of fraud. The incident, dubbed 'Libragate,' has sparked political turmoil in Argentina, including calls for President Milei's impeachment and legal investigations into potential misconduct. The controversy has also impacted the broader cryptocurrency market, contributing to a decline in Solana's (SOL) price. President Milei has denied any wrongdoing, stating he merely 'spread the word' about the token without endorsing it. Ongoing investigations are examining the roles of various individuals and organizations involved in the LIBRA project.
The Libra token (LIBRA) is a memecoin built on the Solana blockchain. It was introduced with the declared goal of boosting Argentina's economy by funding small local businesses. However, it gained notoriety in February 2025 after a rapid price surge followed by a sharp decline, leading to significant investor losses.
The LIBRA token experienced a dramatic price drop shortly after its launch in February 2025. The crash occurred when insiders reportedly withdrew $107 million in liquidity, causing the token's value to plummet by 94% and erasing $4 billion in market capitalization within hours. This event has been characterized as a 'rug pull' scheme.
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Argentine President Javier Milei briefly promoted the LIBRA token on social media, suggesting it could support economic growth by funding small businesses. Following the token's collapse, Milei deleted his promotional post and denied endorsing the project, stating he merely 'spread the word' without full knowledge of its details.
'Libragate' refers to the scandal surrounding the LIBRA token's rapid rise and fall, which has led to political and legal repercussions in Argentina. The incident has prompted calls for President Milei's impeachment and investigations into potential fraud and misconduct associated with the token's promotion and subsequent crash.
The LIBRA token scandal has had a negative impact on the broader cryptocurrency market, particularly affecting Solana (SOL), the blockchain on which LIBRA was built. Following the incident, Solana's price experienced a significant decline, reflecting decreased investor confidence.
An Argentine law firm has filed a complaint with the U.S. Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI), requesting an investigation into the individuals behind the LIBRA token and President Milei's role in its promotion. This action indicates the international ramifications of the scandal.
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