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Portnoy's LIBRA Loss: $5.34M, Compensation Secured
Generated by AI AgentCoin World
Sunday, Feb 16, 2025 11:31 pm ET1min read
Alleged Barstool Founder Buys into LIBRA, Loses $5.34M, Receives $5M Compensation
A wallet named "3apupK...Z1LF" was created the day before the launch of LIBRA and received 29,000 SOL, worth about $5.76 million at the time. The wallet started buying LIBRA shortly after the launch when the price had already surged to $1.75.
The wallet spent a total of 28,740 SOL, worth about $5.77 million, to purchase 2.3 million LIBRA. As the price of LIBRA rose to $4.56 and then began to fall, the wallet suffered a loss of over $5 million in the LIBRA position.
Subsequently, the wallet received 4.5 million USDC, sold all its LIBRA, and exchanged back to 2,163 SOL, worth about $430,000. After selling the LIBRA, it received an additional 500,000 USDC.
Notably, the wallet also received 650,000 LIBRA from the Libra team but promptly returned them. According to @chooserich's analysis, the wallet may belong to Dave Portnoy (@stoolpresidente).
Dave Portnoy, as a Key Opinion Leader (KOL), participated in endorsing LIBRA and had prepared funds in advance to buy LIBRA. However, due to a late entry, he incurred a loss of $5.34 million. Dave Portnoy requested compensation for the loss from Hayden and returned the received LIBRA.
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