Blockchain analysts from Bubblemaps claim they have discovered a link between the teams behind the meme tokens LIBRA and MELANIA. According to their findings, the same wallets were involved in transactions for both assets, engaging in sniping and profit extraction.
How LIBRA and MELANIA Collapsed
LIBRA emerged last week following a tweet from Argentina's President Javier Milei, who announced a private initiative aimed at supporting the country's economy. The token’s price surged dramatically but crashed within hours when insiders withdrew $107 million through fees and liquidity manipulation.
A similar scenario reportedly unfolded in January with MELANIA, a meme coin linked to the former U.S. First Lady. After a rapid price spike, the token also collapsed, leaving investors with losses.
Key Evidence
According to analysts, a Solana wallet (P5tb4) played a crucial role in the investigation. This wallet allegedly made $2.4 million from sniping MELANIA and later transferred the funds to an Avalanche address (0xcEA) associated with the token’s creators.
Further investigation revealed that 0xcEA funded another wallet, DEfcyK, which is reportedly the main wallet of the LIBRA team.
Additionally, Bubblemaps suspects the same developers are behind other tokens such as TRUST, KACY, VIBES, and HOOD, following a similar pattern of manipulation.
Javier Milei Under Investigation
Following LIBRA’s collapse, President Javier Milei is now at the center of a major scandal. Reports indicate that he faces fraud allegations, and if convicted, he could face removal from office and a prison sentence of 1 to 6 years.
The opposition is calling for his impeachment, while Argentina’s anti-corruption agencies are investigating his role in promoting the token.
Who Is Behind the Scheme?
Bubblemaps continues its investigation alongside other analysts. The well-known crypto investigator CoffeeZilla has joined the effort, examining the internal ties of the LIBRA project and interviewing insiders, including former token advisor Hayden Davis.
Milei’s official representatives have stated that all findings will be submitted to the courts to identify everyone involved. They deny the president’s involvement and emphasize his commitment to clarifying the situation.
Meanwhile, investor Game for One warned about the risks of meme coins, highlighting two types of tokens to avoid:
- Hyped launches (e.g., Dog tokens linked to CZ (Broccoli) or other influencers). These attract liquidity but are highly competitive, benefiting only experienced traders.
- Recycled projects (TRUMP → MELANIA → CAR → LIBRA). Each new launch is weaker than the last, insiders become greedier, and the likelihood of a crash increases.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
