Crypto Traders Lose $251M in Milei's LIBRA Platform Insider Scandal

Crypto traders have suffered significant losses following investments in Argentine President Javier Milei's platform, LIBRA. According to data from Nansen, 86% of traders incurred losses totaling $251 million, while insiders profited by $180 million.

Nansen researcher Nicolai Sondergaard analyzed over 15,000 crypto wallets and found clear evidence of a group of insiders benefiting at the expense of retail investors. The institution's analysis revealed a unilateral profit-taking by this group, highlighting the potential risks associated with investing in such platforms.

The LIBRA platform, launched by Argentine President Javier Milei, has been the subject of controversy and scrutiny. The significant losses incurred by traders and the apparent insider trading have raised concerns about the platform's transparency and security.

The crypto market has experienced a series of flash crashes and market fluctuations in recent weeks. While the industry's four-year cycle may be coming to an end, investors remain cautious and vigilant in the face of potential risks and market volatility.