The 7 AM Golden Dog Law struck again, but this was the first time someone was grateful they didn't wake up.

The reason for this was that the cryptocurrency community's well-known Argentina "Bitcoin" President endorsed a meme coin called LIBRA. Although not a token named after TRUMP like Trump's, people had been eagerly awaiting a presidential coin issuance opportunity that would lead to a wealth effect similar to Trump's. Therefore, LIBRA was equated with the same significance as Trump's coin issuance.

Related Read: "Timeline | Argentina President "Issuing Coin," Behind-the-Scenes Team Cashes Out $100 Million in 4 Hours"

Although it was also an early Saturday morning, LIBRA did not share the same fate as TRUMP. One after another, reports of large losses in wallets emerged. Even Solayer founder Chaofan Shou and a Solayer engineer suffered losses of over $2 million on LIBRA. They even posted with a caption saying, "Let's see what two hackers and a free weekend can bring us."

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

Presidential Endorsement, Team Harvesting

It can be said that Milei's tweet endorsing LIBRA's CA and official website link was the primary reason for the sharp increase in LIBRA's market capitalization. Much like Trump, he shouted slogans, and once it was confirmed that there were no hacks, the market cap surged to $4 billion.

In his tweet, Milei wrote, "This private initiative will be dedicated to promoting Argentina's economic growth by providing funding support to Argentina's small businesses and startups."

However, the situation began to take a turn for the worse. Less than two hours before the issuance of LIBRA, with the market cap just breaking $4.4 billion, large sell-offs of LIBRA tokens began. Initially, members of the community thought it was profit-taking, but as the plummet continued, they realized that it was a group of addresses starting to withdraw from the pool.

By 9 AM, according to Bubblemaps analysis, the LIBRA issuance team had already profited over $87 million from pool draining actions through multiple addresses.

As of noon, according to LookOnChain monitoring, 8 wallets related to the LIBRA team obtained 57.6 million USDC and 249,671 SOL (worth about $49.7 million) through increasing liquidity, removing liquidity, and claiming fees, cashing out a total of approximately $107 million.

Nevertheless, there are still traders analyzing the possibility of LIBRA, stating that no one has come out to refute it, and perhaps there will be positive news to drive up the coin's price.

Blaming the President, Team Self-Exposure

All of this unraveled in Milei's next tweet.

The President claimed to have supported a so-called private entrepreneurial project but had no connection to the project. "I did not understand the details of the project. After understanding it, I decided not to continue spreading related information (thus deleted the tweet)."

In the midst of the Valentine's Day romantic atmosphere, Milei put on a truly cringeworthy playboy performance. By this time, LIBRA's market cap had dropped to $450 million. As soon as the tweet was posted, LIBRA's market cap plummeted to $200 million.

What's even more absurd is that a project actually came forward to claim the issuance of LIBRA. The Viva la Libertad project website shows that the project is a private independent project developed by the KIP Protocol.

At the moment of LIBRA's collapse, the Web3 AI base layer KIP Protocol posted an article stating the launch of the "Viva la Libertad" project, aimed at helping Argentine private enterprises. LIBRA's success is attributed to everyone's trust and support. It also added that President Milei has not been involved in the past or present development of the project. Viva la Libertad is a private project independently developed by the KIP Protocol.

On the left is KIP Co-founder Julian, and on the right is President Milei, pictured in October 2024

Later, Julian stated that the Viva la Libertad project funds are still on-chain, with no SOL transferred, and the KIP team is involved in the project, mainly responsible for managing the fund allocation to the Argentine company, not the token aspect.

What are the lessons learned?

Some tweets pointed out that LIBRA is a carefully crafted scam to defraud the IQ150 community, mainly because, with the experience of TRUMP in the past and Moonshot ahead, some people suffered losses due to not carefully verifying all the information about LIBRA and acting out of FOMO.

For example, at six-thirty in the morning, the analytics firm Bubblemaps stated that 82% of the total LIBRA supply is held in one address, and the tokenomics were not disclosed.

Furthermore, LIBRA's minting function can be frozen, the liquidity pool has not been burned and there are high fees in the liquidity pool, as well as suspicious sources of funds.

In addition, the project's official website is made using Webflow and displays a Gmail address, and formal information related to "KIP NETWORK INC" could not be found, demonstrating a lack of actual association with token issuance or related business. Although the website is in English, given the project's background, Spanish should be used, and the domain was also purchased on the same day, further raising doubts about the project's credibility.

Smart people learned from TRUMP to check whether LIBRA has been on Moonshot as soon as possible. When they found the contract searchable, it was a significant reason why many smart investors dared to go all-in. However, what they found by searching the contract was not a real Moonshot. A few days ago, Moonshot changed the application rules, and projects can register on Moonshot, making them searchable by the contract address. Only when manually searching for the token name on Moonshot and finding a match is it genuinely listed 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 missed LIBRA.

On January 18, 2025, TRUMP issued a coin, and you made a profit. When relatives and friends heard about it and complained that you didn't notify them promptly to get rich together, you said, "Create a small group chat next time we encounter the president issuing a coin, and notify everyone immediately."

On February 15, 2025, the President of Argentina launched a cryptocurrency, and you were frantically calling your friends to inform them to go all in.

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

While the joke was funny, the loss was a real pain in the neck. Hopefully next time my group of friends will still call me, and we can earn it back!

Lastly, it is important to remind our group of friends to beware of scams claiming to help recover losses.

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