Striking Double Losses: A Tale of Two Traders
Losses for LIBRA users reported once more, attributed to activities of Argentine President.
Unfortunate souls have seen their fortune turn sour after investing in the LIBRA token, a coins promoted by Argentina's leader.
Three days ago, a daring investor parted with a million-dollar sum to plunge into the LIBRA pool. But alas, the dream was just that—a painful loss of 1.56 million was the grim outcome.
Trump's touch had endowed this investor with a profit of 7.32 million, but MELANIA snatched away 617,000. It seemed the LIBRA was the final nail in the coffin, erasing another sizeable 1.76 million from the investor's account.
A Whale's Misadventures with LIBRA
Another behemoth in the crypto sphere, a whale, faced its own LIBRA losses, totalling 2.78 million.
Once again, the whale dived headlong into a massive 3.25 million dollar investment in LIBRA, only to surface with a significantly depleted wallet of 595,000 dollars. The whale's second swim with LIBRA saw a loss of 129,000.
Milei's Whirlwind: Controversy and Claims
Javier Milei's activity in promoting LIBRA has sparked a maelstrom of accusations. Ranging from allegations of fraudulent activities to involvement in a pump-and-dump scheme, Milei finds himself in the eye of the storm. Even impeachment threats have been issued.
Interestingly, the famous Barstool Sports founder, Dave Portnoy, bought LIBRA for around 170,000 dollars. This LIBRA is not to be confused with the Milei-linked meme coin that exploded in popularity and subsequently plummeted in value, leaving many investors in dire straits.
Insiders are rumored to have made a fortune while investors have lost a staggering, estimated 250 million dollars[1][2][5]. This tragedy serves as a stark reminder of the perils of investing in memecoins that are hype-driven and potentially manipulated by insiders.
[1]: Reports reveal significant financial losses suffered by investors in the LIBRA token, a memecoin which experienced a dramatic price collapse after rapid initial gains. The token, which peaked at a market capitalization exceeding $4 billion, lost over 90% of its value shortly after launch, eroding investor confidence and resulting in losses estimated at over $250 million.
[2]: Argentine President Javier Milei prominently endorsed the LIBRA token on social media, which contributed to the token's rapid surge from a few cents to over $5 within hours after its launch. However, Milei later distanced himself from the controversy, deleting his posts and shutting down a task force investigating the LIBRA meltdown amid political outrage in Argentina.
[5]: U.S. authorities intervened by freezing approximately $57-58 million in USDC stablecoins held in wallets associated with LIBRA, following a class-action lawsuit filed in New York against the crypto firm Kelsier Ventures and its co-founders, as well as other alleged promoters. The lawsuit accuses these parties of running a pump-and-dump scheme and deceiving investors.
- Despite initial gains, NFT investing in the LIBRA token has proven to be a financial disaster for many, with the loss of an estimated 250 million dollars.
- The crypto sphere, including prominent figures like whales, have not been immune to the financial risks associated with investing in NFTs, with losses totaling up to 2.78 million dollars reported in the case of one LIBRA investment.
