LIBRA Token Crashes 85% After Milei’s Promotion—Insiders Cash Out Millions

Argentinian president Javier Milei has promoted the balanced token, saying that it would help small businesses. But instead of excitement, his post on X caused concern, many suspecting a possible scam. Seeing the backlash, Milei quickly removed his post, insisting that he had no financial gain in the project.

Milei tried to repair the economy in difficulty of Argentina, but foreign investors remain hesitant. While inflation cools and reforms are underway, companies are still going. The country also faces challenges such as the United States trade rates and problems with key industries, making the economic recovery uncertain.

Of a media of $ 4.5 billion with sudden collapse

Balance seemed promising at first, reaching a massive evaluation of $ 4.5 billion in a few hours. But the excitement did not last. Shortly after the launch, the developers would have withdrawn $ 87 million in USDC and the project of the project, causing a drop in the price of the token. Investors have panicked and those who bought early have experienced huge losses – on average, more than 56% of their initial investment.

Another big red flag?

Blockchain analysts quickly noticed an unusual activity. The Embercn chain expert found that some portfolios had removed exchanges before the position of Milei, bought balance just after the promotion, then sold once the price has increased. These initiates would have made around $ 20 million in profits.

About 82% of the balance is controlled is controlled by a few connected wallets. This means that a small group of people has too much power on the price of the token, which could be used to handle the market.

Responding to controversy, Justin Sun Justin Sun Justin Sun is the founder of Tron and CEO of Bittorrent. He holds a graduate diploma in East Asia in the studies of the University of Pennsylvania and a BA in history of the University of Beijing. It has become the most renowned figure in the blockchain space, known for its complex advertising strategies. Sun founded the operating platform based on the Tron Blockchain and launched the Trx token in 2017. In September 2017, his company Tron Tron organized an initial range of parts (ICO) for the Trx token. HTX (formerly Huobi). He is ambassador, permanent representative of the Grenada de l’Omc and Chinese-Grenadian negotiator based in Geneva, commercial visionary and business manager. In 2015, he was appointed the new most essential business staff of the CNTV and was appointed in Forbes China 30 from under 30 from 2015 to 2017. Detail organization: Tronlocation: Geneva, Switzerland Education: Master of Arts (MA) In Political Economy of the University of Pennsylvania (2011 (2011 – 2013) .Skills: Blockchain development, entrepreneurship, strategic vision, market influence and crypto entrepreneur of the year: given to Blockchain Life 2023 in Recognition of his management in HTX and contribution to the cryptocurrency space. ‘Year: recognized during the Eco Blockchain Conference October 2023 in Dubai. reported more than $ 70 million. BTT cryptocurrency token when buying Bittorrent for $ 140 million in 2018. Princhipal agent at Ripple Labs: worked from 2014 to 2016, learning cross-border payments and blockchain technology. – Social networking service based in China. Forbes ’30 Under 30 Asia List. FAQ Who is Justin Sun? The Chinese entrepreneur Justin Sun founded Tron and is well known for his acquisitions of Bittorrent and Poloniex as well as his significant influence in the blockchain space. Profitted at least $ 1.4 billion, however, some sources have reached up to $ 1.5 billion. EntrepreneurInvestorCrypto and blockchain expertGeneral manager expressed his respect for President Milei, but believes that he should assume the responsibility for the question of the balanced token. He urged those behind it to return the stolen funds and cope with legal consequences, stressing the importance of protecting investors.

Another X user was not shocked but rather called a planned strategy from influential figures

Who supports Balance?

Balance is connected to Kip Network Inc., the company behind the KIP protocol, a web3 project supported by Animoca Ventures. Kip Network was involved in the cryptographic space of Argentina and even worked with the government of Buenos Aires. However, their role in the sale of balance is not clear, leaving many uncomfortable investors.

The chief of the Coinbase product, Conor Grogan, commented on the situation. He said that major token launches like this are generally planned long before becoming public. His comment suggests that the balance may have been designed to recover a quick species from the start.

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Another failure of political cryptography?

The collapse of the balance is very similar to what happened with the car token of the Central African Republic. This project also had major promises, briefly reaching a market capitalization of $ 1 billion, only to crash below $ 20 million. Both cases show that it is not because a crypto token is linked to a government that it is sure to invest.