Crypto Founder Accuses LIBRA Creator of $15M Laundering

The founder of Solayer, Chaofan Shou, has accused the creator of the LIBRA token of laundering over $15 million and has called on authorities to track them down. Shou, who lost over $2 million on the LIBRA token, posted on social media that the creator of the token is associated with a serial rug pull scammer in India and is also involved in the MELANIA and ENRON tokens, as well as the OG.FUN project.

Shou has urged cryptocurrency exchanges like Kraken and Binance to assist in freezing related funds and has stated that he will continue to investigate the matter regardless of the location of the individuals involved. The KIP Protocol team, which is behind the LIBRA token, has stated that the release and liquidity provision of the token are entirely managed by KelsierVentures and the project initiator Hayden Davis.

This incident highlights the ongoing issue of rug pull scams in the cryptocurrency industry, where developers abandon projects and run off with investors' funds. As the industry continues to grow, it is crucial for regulators and exchanges to take steps to prevent such scams and protect investors.

The LIBRA token is not the only cryptocurrency to face allegations of fraudulent activity. In Argentina, the president has called for the issuance of a new coin but later denied responsibility for the project, which made over one billion dollars in just four hours. Meanwhile, traditional enterprises are increasingly building on Ethereum, with some allocating a significant portion of their income to buyback programs.

As the cryptocurrency industry continues to evolve, it is essential for investors to remain vigilant and do their due diligence before investing in any project. The use of on-chain detective tools and thorough research can help investors identify potential scams and make more informed decisions.