- Cryptocurrency exchange Jupiter distances itself from the LIBRA token collapse, denying involvement in the 90% market cap drop.
- Argentine President Javier Milei faces potential impeachment following his endorsement of the failed LIBRA token.
- Jupiter’s internal investigation found no evidence of employee insider trading or advance knowledge of launch details.
- LIBRA’s market cap plummeted from $4 billion to $336 million within hours of launch.
- Blockchain analysis revealed 82% of LIBRA’s supply was controlled by a small number of wallets.
The Jupiter cryptocurrency exchange has strongly denied allegations of involvement in the dramatic collapse of LIBRA, a Solana-based meme coin that lost over 90% of its value following a controversial launch endorsed by Argentine President Javier Milei.
In an official statement, Jupiter emphasized its commitment to transparency while addressing accusations of market manipulation. “We take allegations of insider trading EXTREMELY seriously,” the exchange declared, noting that an internal investigation revealed no evidence of employee misconduct.
The token’s market capitalization, which peaked at $4 billion, currently stands at $336 million, according to Dexscreener data. Blockchain analytics firm Bubblemaps identified concerning tokenomics, with 82% of supply concentrated in a few wallets.
The fallout has triggered political turmoil in Argentina, where President Milei now faces impeachment threats. His office has initiated an investigation through the Anti-Corruption Office (OA) to examine potential misconduct.
Crypto industry figures, including Benjamin Cowen, CEO of ITC Crypto, have criticized the broader implications of meme coin listings, arguing they undermine cryptocurrency market integrity.
Jupiter’s pseudonymous founder “Meow Jupiter” will reportedly issue a comprehensive statement addressing the controversy, as the exchange maintains its position that no team members had advance knowledge of specific launch details.
The incident has drawn parallels to previous controversial token launches, with Bubblemaps discovering on-chain connections between LIBRA and the MELANIA token, suggesting a pattern of coordinated meme coin launches on the Solana network.
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