Argentine President Javier Milei Introduced Memecoin, Turns Out to Be a Scam! Development Team Earned 107 Million Dollars, Milei Had to Make a Statement!

Last night, Argentine President Javier Milei announced that he would launch a memecoin in his statement on X.

Shortly after its introduction, the LIBRA token experienced a significant pump in price initially, followed by substantial sales pressure, leading to a significant decline in the token's price.

Today, Milei reported that he cut his support for the LIBRA token in his latest statement and said the following about the issue:

"A few hours ago, just like many other times, I tweeted in support of a so-called private initiative that I had no connection to. I was not aware of the details of the project, so I decided not to promote the project further, (thus I deleted the tweet)."

Tron founder Justin Sun also addressed Milei on social media platform regarding a project suspected to be a rugpull scam.

I have great respect for President Milei. I believe he should take some responsibility in this regard, calling on criminals to return funds to victims and assume relevant legal responsibilities. Protecting investors is a very serious legal duty and we must fulfill it with the necessary seriousness.

According to Onchain data, 8 different crypto currency wallets connected to the LIBRA development team generated over $107 million in revenue from token sales and liquidity pools.