Argentine President "Next Harvest" Over 100 Million USD, Why Can't You Make Money from LIBRA?

Author: shushu

The Golden Dog Law at seven in the morning has taken effect again, but this is the first time someone is glad they didn't wake up.

The reason is that the well-known "Bitcoin" president of Argentina in the crypto world has endorsed a meme coin called LIBRA. Although it is not a token named after Trump like TRUMP, the anticipation for a president who could create wealth like Trump has led to LIBRA being equated with the same heavy significance as Trump's token.

However, despite it being a Saturday morning, LIBRA did not share the same fate as TRUMP. One after another, large loss wallets were exposed, with even Solayer founder Chaofan Shou and Solayer engineers losing over $2 million on LIBRA, accompanied by a caption stating, "Let's see what two hackers and a free weekend can bring us."

Why, with all the elements in place—president, Moonshot, large pool—did LIBRA end up with such a script? Why couldn't we make money from LIBRA?

President's Endorsement, Team Harvesting

It can be said that Milei's tweet endorsing LIBRA with its CA and official website link was the main reason for LIBRA's market cap skyrocketing. Just like Trump, he shouted slogans, and after confirming he wasn't hacked, the market cap surged to $4 billion.

Milei wrote in his tweet, "This private project will aim to promote the growth of the Argentine economy by providing funding support for small businesses and entrepreneurial projects in Argentina."

But the tone gradually became off. Less than two hours after LIBRA's launch, just after the market cap broke $4.4 billion, LIBRA began to experience large sell-offs. Initially, group members thought it was profit-taking, but as the plunge continued, they realized it was a batch of addresses starting to withdraw from the pool.

By 9 AM, according to Bubblemaps analysis, the LIBRA launch team had already profited over $87 million through multiple address withdrawals.

By noon, according to Lookonchain monitoring, 8 wallets related to the LIBRA team had obtained 57.6 million USDC and 249,671 SOL (approximately $49.7 million) through adding liquidity, removing liquidity, and claiming fees, totaling about $107 million in cash out.

Despite this, some traders were still analyzing LIBRA's potential, claiming that no one had come out to refute it, and perhaps there would still be good news to lift the coin price.

President Shifts Blame, Team Exposes Itself

But all of this crumbled with Milei's next tweet.

The president claimed he supported a so-called private entrepreneurial project but had no connection to it. "I did not understand the details of the project, and after learning more, I decided not to continue spreading related information (thus I deleted the tweet)."

In the thick atmosphere of Valentine's Day, Milei staged a jaw-dropping performance of a scumbag. By this time, LIBRA's market cap had already fallen to $450 million, and as soon as the tweet was posted, LIBRA's market cap plummeted to $200 million.

Even more absurdly, a project actually stepped up to claim the LIBRA launch. The Viva la Libertad project website shows that it is a private independent project developed by KIP Protocol.

As LIBRA approached zero, the Web3 AI infrastructure KIP Protocol announced the launch of the "Viva la Libertad" project, aimed at helping Argentine private enterprises, crediting LIBRA's success to everyone's trust and support. They also added that President Milei had not participated in the project's development, and Viva la Libertad was independently developed by KIP Protocol.

On the left is KIP co-founder Julian, and on the right is President Milei, with the photo published in October 2024.

Subsequently, Julian stated that the funds for the Viva la Libertad project remain on-chain, with no SOL transferred, and the KIP team is involved in managing the allocation of funds to Argentine companies, rather than in the token aspect.

What Lessons Can Be Learned?

Some tweets pointed out that LIBRA was a carefully crafted scam to harvest IQ150 group members, primarily because, with TRUMP's experience in front and Moonshot's behind, some people incurred losses without carefully analyzing all the core information about LIBRA and succumbing to FOMO.

For example, at 6:30 AM, the analysis agency Bubblemaps stated that 82% of LIBRA's total supply was concentrated in one address, and the tokenomics were undisclosed.

Additionally, LIBRA's minting function could be frozen, the liquidity pool had not been destroyed and had high fees, and there were suspicious sources of funds.

Moreover, the project website was created using Webflow and displayed a Gmail address, and no formal information related to "KIP NETWORK INC" could be found, indicating insufficient actual connection to the issuance of tokens or related business. Although the website was in English, considering the project background, it should have used Spanish, and the domain was purchased on the same day, further questioning the project's credibility.

Smart people learned from TRUMP to check LIBRA on Moonshot as soon as possible, and finding the contract was the reason many smart investors dared to heavily invest. However, the contract found was not truly on Moonshot; a few days ago, Moonshot modified the application rules, allowing projects to register on Moonshot, making it possible to find through the contract address. Only if the token name is manually searched on Moonshot and shows up is it truly on Moonshot.

Sometimes making money is a matter of luck; some people don't like to sleep in, so they caught TRUMP, while others like to sleep in, so they avoided LIBRA.

On January 18, 2025, TRUMP launched a token, and you made money and gained freedom. Relatives and friends heard about it and complained that you didn't notify them in time to get rich together, and you said, "I'll create a small group to notify everyone the next time a president launches a token."

On February 15, 2025, the Argentine president launched a token, and you frantically called friends to go all in.

On February 15, 2025, you had no friends left.

Although the joke is funny, the losses are real and painful. I just hope that next time, group members will still call me, and we can earn it back!

Finally, I need to remind group members to beware of scams after losing money while seeking rights protection.