"President's Endorsement Drives $4B Meme Coin Crash"

The $LIBRA Memecoin Scam: Inside the Presidential Pump-and-Dump That Led to a $4 Billion Crash

On February 14, 2025, Argentine President Javier Milei endorsed the LIBRA meme coin, leading to a rapid price surge and subsequent crash that wiped out over $4 billion from its market cap within hours. This report explores the market reaction, community sentiment, and the roles of key figures in the $LIBRA coin saga.

$LIBRA, a cryptocurrency created by entrepreneur Hayden Davis, runs on the Solana blockchain and was launched through a website named vivalalibertadproject.com. KIP Protocol, a company focused on decentralized AI technology, was involved in the launch, claiming they joined after the fact to support AI efforts.

Milei's endorsement ignited a meteoric price surge, with $LIBRA's value skyrocketing to nearly $5 and its market cap surpassing $4 billion. However, a community warning soon appeared, advising users to verify the project before engaging. Milei later deleted his post and claimed he wasn't fully aware of the project details.

Within hours, the token's value plummeted to just cents, and its market cap lost over $4.4 billion. According to The Kobeissi Letter, insiders sold off $87.4 million worth of $LIBRA within the first three hours, with 82% of the tokens controlled by a single group without public disclosure of the token's economics. Hayden Davis admitted to keeping some profits despite the token's sharp decline.

The endorsement of the Libra meme coin by the Argentine president was unexpected, as such promotions are typically avoided by high-profile government officials. The scam also impacted the TRUMP token, resulting in a drop of $500 million in its market cap.

Before the collapse, blockchain data companies had raised concerns about the project. Argentina's presidential office announced an investigation into the matter, with Milei asking the Anti-Corruption Office to investigate himself and other government members for possible misconduct.

Investigative journalist Coffeezilla discovered that Hayden Mark Devis, CEO of Kelsier Ventures, his father Tom Davis, and known scammer Arunkumar Sugadevan were behind the LIBRA coin. Tom Davis confessed that their group manipulated the