Argentina's libertarian president Javier Milei just learned why you shouldn't shill random cryptocurrencies to your followers. After promoting a sketchy memecoin called "Libra" to his social media followers, the token skyrocketed 2,000% in 40 minutes before face-planting into crypto oblivion — but not before some very convenient "insiders" made off with $87 million.
As reported on Coindesk, the chainsaw-wielding president tweeted this gem: "This is a private project dedicated to encouraging the growth of the Argentine economy," along with some technical gobbledygook pointing to the token's address. But that tweet mysteriously vanished faster than Argentina's peso value after some eagle-eyed observers noticed something fishy going on.
According to blockchain sleuth KobeissiLetter, a group of early holders pulled a classic pump-and-dump, using one-sided liquidity pools to vacuum up real money while leaving retail investors holding worthless digital chaff. The token, which briefly touched a ridiculous $4.4 billion market cap, crashed 95% faster than you can say "¡Viva la libertad — for me, that is!"
When the smoke cleared, Milei tried the "I didn't know what I was promoting" defense — truly a bold strategy for a head of state. "A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever," Milei backpedaled. In true authoritarian fashion, he attacked political opponents who called him out for his recklessness. "To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass."
Saving the best part for last: the Libra disaster triggered a wider memecoin massacre, knocking $500 million off Trump-themed tokens in just 30 minutes. Truly, nothing brings crypto bros together like losing their shirts on presidential memecoins.
Previously:
• Weird facts about far-right Argentinian presidential candidate Javier Milei
• Argentina elects far-right libertarian Javier Milei as president
• Argentina cult worships 'King' President Milei as peso becomes worthless
