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Nemeski@lemm.ee to Buttcoin@awful.systemsEnglish · 4 months ago

Argentinian president Javier Milei promotes memecoin that then crashes 95% in apparent $100 million+ rug pull

www.web3isgoinggreat.com

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Argentinian president Javier Milei promotes memecoin that then crashes 95% in apparent $100 million+ rug pull

www.web3isgoinggreat.com

Nemeski@lemm.ee to Buttcoin@awful.systemsEnglish · 4 months ago
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A tweet from Argentina's president Javier Milei promoted a memecoin called Libra, which he described as a "private project [that] will [be] dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups". The token quickly soared in price as traders poured in.However, within hours of the launch, insiders began selling off their holdings of the token. The token had been highly concentrated among insiders, with around 82% of the token held in a small cluster of apparently insider addresses. Those insiders cashed out around $107 million, crashing the token price by around 95%.After the crash, Milei deleted his tweet promoting the project. He later claimed he was "not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet)."
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  • hactar42@lemmy.ml
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    4 months ago

    How many times are people going to fall for this? Someone launches a new crypto and hypes it up, a bunch of random people buy into the hype, prices take a huge nose dive, repeat ad nauseam.

    • orize@lemmy.dbzer0.com
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      4 months ago

      Because there will always be a new naive generation (aside from those severely mentally ill), a share of people will ALWAYS fall for it. Every year, new people will fall for it

      So don’t be surprised, be informed.

    • selokichtli@lemmy.ml
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      4 months ago

      I mean, with all due respect, mostly these memecoins aren’t promoted by presidents of countries with sized economies as investment opportunities.

  • Montreal_Metro@lemmy.ca
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    4 months ago

    They dug up a guy from the 70s to run the country.

    • tigeruppercut@lemmy.zip
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      4 months ago

      Might be an 80s guy. He should remember to fix his boneitis though

  • But_my_mom_says_im_cool@lemmy.world
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    4 months ago

    This guy looks like a 1950s Argentina’s politician who time travelled to 2025

    • OutsiderInside@lemmy.world
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      4 months ago

      50s was a good time for politics, until we fell for a militar coup in 55, where civilians were bombarded by our own airforce.

  • blakestacey@awful.systems
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    4 months ago

    Argentina’s opposition threatens impeachment trial after Milei touts crypto coin

  • THCDenton@lemmy.world
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    4 months ago

  • Tikiporch@lemmy.world
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    4 months ago

    Is it a rug pull if it was only ever a way to funnel Russian money into Milei’s pocket? I don’t think average folks fall for grifts like this, or Trump’s meme coin. It’s just a new way to bribe people.

    Like, in days past, they’d have just donated a bunch of money to Milei’s charitable organizations that would turn around and pay Milei exorbitant speaking fees.

  • swlabr@awful.systems
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    4 months ago

    Libra

    could have sworn that this was the zuckcoin that was making the rounds a few years ago. I looked it up, they rebranded to “diem” due to legal issues before cancelling it altogether.

    • froztbyte@awful.systems
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      4 months ago

      Libra-now-Diem, yeah. it was a full-on attempt to take the reins of value transmission and storage (“be the economy, be the bank”), beyond just coin

      (also written about by david (which I haven’t read (yet?) because handwave all my usual things on fire))

  • Lon3star@lemmy.world
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    4 months ago

    That deserves a paddle’n

  • Sebeck0401@feddit.nl
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    4 months ago

    That’s really weird. I’ve heard that his economy reforms are actually working.

    https://youtu.be/VX7rws4lPg8

    • David Gerard@awful.systemsM
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      4 months ago

      i’m sure they’re working for someone

    • Amoeba_Girl@awful.systems
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      4 months ago

      That’s weird. I’ve heard you were a spambot.

  • Hobbes_Dent@lemmy.world
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    4 months ago

    Lolololol you’re way too brown for 400 million Americans to make room on the Mars Arkkk for you. It only seats three - Elon, the kid, and the sperm in Dons seat.

    • Soyweiser@awful.systems
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      4 months ago

      what?

      • Hobbes_Dent@lemmy.world
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        4 months ago

        Argentina is a Trump (Americans) toady just like the Nazis. Also apparently a whore for people who approve Naziism to make money with crypto.

        • Soyweiser@awful.systems
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          4 months ago

          You sound crazy and you use anti sexworker language ( after some racist language). Nothing you say has to do with the article linked. Also weirdly conspiratorial tone. Not a fan of that.

          • self@awful.systems
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            4 months ago

            yeah, this is nothing but red flags

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