CandleFocus 86% of crypto traders lost money to president Javier Milei’s rug pull
2025-02-20
Author: Content Editor
Argentine President Javier Milei's promotion of the Solana-based memecoin $LIBRA resulted in significant losses for traders, totaling $251 million. Research from Nansen revealed that 86% of investors in $LIBRA lost money, while a small group of insiders profited $180 million. On-chain data also suggested that this group of insiders had dumped their holdings while the general public suffered losses. The involvement of government figures in the scandal has ignited a political controversy. Solana's token also experienced a 20% decline in value, and its total value locked decreased from $12.1 billion to $8.29 billion. Additionally, leaked text messages suggested that Karina Javier, the president's sister, had influenced Javier's decisions. Argentine assets, including bonds and stocks, also plummeted amid the scandal. Javier's attempt to distance himself from the situation failed when a hot mic moment exposed an orchestrated effort to control the narrative. Karina, who holds a powerful position in the administration, has avoided the press.
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