Argentine President Milei Faces Fraud Charges Over $87M LIBRA Token Crash as On-Chain Evidence Links to MELANIA Scam

Argentine President Linked to Multi-Million Dollar Crypto Pump-and-Dump Scheme Involving LIBRA and MELANIA Tokens

  • Blockchain investigators uncovered links between LIBRA and MELANIA token launches through wallet analysis showing connected fund flows.
  • Project representative Hayden Mark Davis admitted to orchestrating both token launches and confirmed a $5 million refund to Barstool Sports founder.
  • Argentine President Javier Milei faces fraud charges related to LIBRA token promotion despite denying prior knowledge.
  • Investigation revealed $87 million in liquidity was removed by insiders after LIBRA’s market cap reached billions.
  • Cross-chain analysis suggests the same group executed multiple token launches following similar pump-and-dump patterns.

A major cryptocurrency scandal involving Argentina‘s president and connected meme tokens has unfolded as blockchain investigators revealed evidence linking multiple pump-and-dump schemes across different networks, resulting in tens of millions in losses for retail investors.

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Blockchain analytics firm Bubblemaps and investigator Stephen Findeisen (CoffeeZilla) traced wallet activities showing how profits from the MELANIA token were channeled into the LIBRA project through sophisticated cross-chain transfers.

A key Solana wallet accumulated $2.4 million from early MELANIA trading before transferring funds to an Avalanche wallet directly tied to the token’s creator. This same wallet later funded LIBRA’s creator address, establishing clear financial connections between the projects.

In a revealing interview, Hayden Mark Davis of KIP Protocol admitted to orchestrating both token launches and disclosed controversial “project sniping” practices where teams front-run their own launches. He stated: “Every single one of these launches, that’s what happens, […] three to ten guys get these massive chunks.”

The scandal deepened with Davis’s admission of a special arrangement with Dave Portnoy, revealing a $5 million refund to the Barstool Sports founder who “knew about the launch” beforehand. This disclosure raises serious questions about preferential treatment and market manipulation.

While President Milei has denied involvement, the investigation suggests a broader pattern of coordinated token launches, including projects codenamed TRUST, KACY, VIBES, and HOOD, all following similar pump-and-dump strategies.

The case highlights the ongoing challenges in regulating decentralized finance (DeFi) markets, where sophisticated cross-chain transactions can obscure connections between seemingly unrelated projects and their operators.

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