A new report from the blockchain analytics firm Nansen indicated that two wallets that rapidly bought and sold LIBRA tokens cashed out of their positions with a handsome $5.4 million profit while thousands of investors lost their shirts.
According to on-chain data, these two investors bought the token at 22:01 UTC and sold their entire stake just 40 minutes later.
3/ The aftermath
– Total Traders Analyzed: 15,431 wallets
– Losers: 86% lost a combined $251M of realized losses
– Winners: 14% gained $180M of realized gainsA stark reminder of the volatility and risks in crypto trading.
— Nansen 🧭 (@nansen_ai) February 20, 2025
The timing coincides with Javier Milei’s tweet about the meme coin, which was published at 22:01 UTC as well. This suggests that the two wallets either possessed insider knowledge and were prepared to act right after the President publicly endorsed the token or snipped the asset through sophisticated trading techniques.
Meanwhile, Nansen also provided details about the extent of the losses that unwary investors faced. According to their findings, 86% of the wallets that came into contact with the token experienced combined realized losses of $251 million, while the remaining 14% made $180M on their investment.
One of the most notable losers in this trade was Dave Portnoy, the controversial founder of Barstool Sports. However, he confirmed just hours after LIBRA collapsed that he had received a $5 million refund from the project’s launch team.
Among some other staggering findings, Nansen uncovered that 23 wallets lost more than $1 million as a result of their LIBRA trade while 392 addressed experienced realized losses between $100,000 and $999,999.
LIBRA Has Dropped by 98.8% in Just a Week
At the time of writing, the market cap of LIBRA stands at $50.9 million. This translates into a 98.8% retreat from its all-time high of $4.4 billion that the token experienced when it was launched and listed in the Solana-based decentralized exchange Meteora.
The LIBRA scandal has sent shockwaves across the crypto space and has spilled over the Argentinian political scene as President Milei is now being investigated for his involvement in the whole fiasco.
Although LIBRA allegedly had the noble mission of providing funding to small businesses and entrepreneurs in Argentina, its top promoter, Hayden Davis, clarified that it was just a meme coin during an interview with the blockchain investigator Coffeezilla.
President Milei later acknowledged that he was not aware of the details of the project. However, his involvement was the main reason for the token’s mind-blowing rally and subsequent collapse after he rapidly deleted his initial tweet endorsing the asset.
“We see very tangible on-chain evidence showing a group of “insiders” unilaterally profiting off of the masses who got involved (e.g., traded the token),” the Nansen report concludes.
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