Author | Wu Talks about Blockchain
In the early morning of February 15th, Beijing time, MILEI, the Argentine President known for his liberalism, posted on his social media that LIBRA tokens would be issued for national financing.
According to GMGN data, a user whose wallet funds come from KuCoin's address: Gr3eiF…RtS4eb spent $900,000 to buy LIBRA, the token issued by the Argentine president, at an average price of $0.26945, and sold it all at an average price of $2.9139. He made a profit of $8.7 million in one hour, making him the address with the highest total profit at present.
However, LIBRA has continued to fall since it reached a high of $4.6 less than an hour after its launch. The average purchase price of the top 100 holders is $1.6, and it has currently suffered huge losses.
According to EmberCN monitoring, suspected insider traders of LIBRA, a meme token issued by the Argentine president, have made at least 20.18 million in profits through LIBRA. The operations of this address are as follows: In the hours before the tweet was released, USDC and SOL were withdrawn through CEXs such as Binance, Bybit, and Kucoin to prepare funds; sniper buying in the first second after the Argentine president’s tweet was released; and all LIBRA was sold in batches after the market pushed up the price. At least 3 addresses have the same operation.
At noon on February 15th, Beijing time, Argentine President Milley tweeted: A few hours ago, I posted a tweet, like countless times, supporting a private entrepreneurial project that I obviously had no relationship with. I didn't know the details of the project at the time, and later, after a deeper understanding, I decided not to continue promoting it (so I deleted the tweet).
According to LookOnChain's monitoring, 8 wallets related to the LIBRA team obtained 57.6 million USDC and 249,671 SOL (approximately US$49.7 million) by adding liquidity, removing liquidity and collecting fees, with a total cash out of approximately US$107 million.
KIP Protocol tweeted that it is the team behind the Argentine President's coin issuance. The Viva la Libertad project aims to help Argentine private enterprises, and the LIBRA token has also achieved some success. To solve unnecessary questions, we would like to clarify that this is a private enterprise project and President Milley was not involved in the development of the project, as he himself mentioned. This is a completely private enterprise project.
KIP Protocol's official Twitter account states that it is supported by Animoca Ventures and is also the official AI partner of Animoca's Open Campus project. In 2024, KIP Protocol announced the completion of a $5 million private equity financing, led by Animoca Ventures and Tribe Capital, with other investors including GBV Capital, DWF Ventures, Morningstar Ventures, etc. Its official page shows that the team is mainly composed of Chinese from the National University of Singapore.
CEO Julian Peh's personal LinkedIn shows that he attended Raffles Junior College in Singapore for high school, and from 2000 to 2004, he studied at the National University of Singapore and obtained a Bachelor of Laws degree.
https://www.linkedin.com/in/julianpeh/?originalSubdomain=sg
Animoca Brands tweeted that Animoca Brands invested in KIP Protocol in February 2024 along with many other investors, but Animoca Brands, Animoca Ventures, and Open Campus had no knowledge of or involvement in the launch and development of the LIBRA token.
Chaofan Shou, co-founder of security company Fuzzland, tweeted that he and Solayer engineer tonykebot lost more than $2 million on LIBRA. The picture showed the list of core members of KIP Protocol, the team behind LIBRA, and the text said, "Let's see what two hackers and a free weekend can bring us." KIP Protocol co-founder Julian responded to Chaofan Shou on social media, saying that LIBRA is not a rug project, and the large amount of support the project has received is enough to prove its legitimacy. "If this was a scam, we would not have received the launch support we have now. Just because you lost money, it doesn't mean it's a rug."
Julian, co-founder of KIP Protocol, issued an initial response to the LIBRA project, stating that the Viva la Libertad project aims to promote the Argentine economy by providing funding for small projects and local businesses, supporting those who seek to expand their careers and contribute to national development. The funds are still on the chain and no SOL has been transferred. The KIP team participated in the project and was mainly responsible for managing the allocation of funds to Argentine companies, not the token aspect. There was no pre-sale of the token, and all sales were conducted through a unilateral liquidity pool. The KIP team will develop an operating plan for the Libertad project based on the original goals, and promises not to use any SOL for purposes other than the project. All funds will be transparently accounted for, and more details will be provided later.
According to Lookonchain, the user address: HJXRy9…hzQiaz spent 14,214 SOL (worth about $2.85 million) to purchase 1.11 million LIBRA, and eventually sold them all for 3,964 SOL (worth about $781,000), losing $2.07 million in 2 hours.
Andre Cronje, co-founder of Sonic Labs (Fantom), tweeted that in the past we would argue with each other over issues such as a function that does not affect assets is controlled by an external account or a contract is controlled by multiple signatures instead of time locks. Now presidents and sovereign nations are dumping us in full criminal mode. Crypto is forever. In response to the question of whether he regrets returning to the cryptocurrency circle, AC responded: This is just the result of wider adoption, and the Meme coin craze does not conflict with my work. The people participating in Meme coins are a group that does not care about DeFi or even blockchain at all. So Meme coins did not steal any attention because the participants were not our user group. So, I am happy to see it happen.
It is worth noting that this is not the first time that Argentine President Milley has carried out similar activities. In 2021, he posted information on Instagram about CoinX, a self-proclaimed high-return investment platform. In June this year, the Argentine National Securities Commission (CNV) issued a risk warning to the public about CoinX and banned the platform from operating. Currently, the victims have submitted materials to sue the Ponzi schemer Javier.
On February 16, KIP Protocol stated that the token launch and market making are entirely the responsibility of KelsierVentures, represented by Hayden Davis, the initiator of the project, and that none of these wallets belong to KIP. All matters related to the launch and tokens should be forwarded to Kelsier as they are handling the matter and plan to transfer the tokens to the foundation. All SOLs obtained today will be re-injected into LPs. All market making fees will be transferred to a foundation in Argentina. The foundation will continue to run the program as originally planned.
Kelsier issued a statement stating that Argentine President Javier Milei initially supported and actively promoted the Libra token on social media platforms, including X and Instagram. His colleagues received his public support at the time of launch and assured me that he would continue to receive support throughout the launch process. Despite previous commitments, Milei and his team unexpectedly changed their position, withdrew their support and deleted all previous social media support. After consulting with experts, I propose to reinvest 100% of the funds I control (up to $100 million) into Libra tokens and destroy all purchased supplies. Unless a more viable alternative is proposed, I intend to begin executing this plan within the next 48 hours.
