Last night, Argentine President Javier Milei announced in his statement on X that he would be issuing a memecoin.
Immediately afterwards, the price of the LIBRA token was initially heavily pumped, followed by a large decline in the price of the token due to heavy sales.
Today, Milei announced in its latest statement that it has discontinued support for the LIBRA token and said the following on the subject:
“A few hours ago, like many other times, I tweeted in support of a supposedly private initiative with which I have no connection. I was not familiar with the details of the project and therefore decided not to promote it further (therefore I deleted the tweet).”
Tron founder Justin Sun also called out to Milei on the social media platform regarding the scam project, which turned out to be a rugpull:
“I have great respect for President Milei. I think he should take some responsibility for this matter, calling on the criminals to return the funds to the victims and take the relevant legal responsibilities. Protecting investors is a very serious legal duty and we must take it seriously.”
According to Onchain data, 8 different cryptocurrency wallets affiliated with the LIBRA development team have generated over $107 million in total revenue from token sales and liquidity pools.
*This is not investment advice.
There needs to be a class action suit against the President if he doesn’t work with regulators to recoup the investor losses.