{"id":9238,"date":"2025-02-17T20:06:34","date_gmt":"2025-02-17T20:06:34","guid":{"rendered":"https:\/\/icobench.com\/?p=9238"},"modified":"2025-02-17T20:06:34","modified_gmt":"2025-02-17T20:06:34","slug":"libra-rug-pull-results-in-multi-billion-loss-for-investors-which-are-the-best-icos-of-2025","status":"publish","type":"post","link":"https:\/\/icobench.com\/news\/libra-rug-pull-results-in-multi-billion-loss-for-investors-which-are-the-best-icos-of-2025\/","title":{"rendered":"LIBRA Rug Pull Results in Multi-Billion Loss for Investors \u2013 Which Are the Best ICOs of 2025?"},"content":{"rendered":"

The President of Argentina and a firm called KIP Protocol have been caught up in the eye of a storm after the creators of a meme coin called LIBRA rug-pulled thousands of investors.<\/p>\n

Last Friday, Javier Milei publicly endorsed the meme coin in an X post<\/strong> that has now been deleted where he described the project as a private endeavor that aimed at providing incentives to local businesses to foster economic growth.<\/p>\n

\"javier<\/p>\n

He shared a contract address and a URL to a website called Viva La Libertad Project, inspired by his famous political campaign catchphrase.<\/p>\n

Shortly after his endorsement, the market cap of the token surged to nearly $4.4 billion as his post was viewed by millions of people who follow him from across the globe.<\/p>\n

However, just hours later, the value of the token started to collapse, and pretty soon, most of that money had evaporated as insiders cashed out of their holdings and left thousands of investors holding a worthless bag of\u00a0meme coins<\/a>.<\/span><\/p>\n

Data from the blockchain analytics firm lmk.fun indicated that over 60 traders lost over $500,000 in the process while 24 traders lost more than $1 million as they took long positions in LIBRA, possibly with the expectation that the President\u2019s endorsement would make it a valuable asset down the road.<\/p>\n

At the time of writing, the price of LIBRA stands at $0.4483 per coin while its market cap has dived to $117.1 million<\/strong>. Most of the token\u2019s trading volume went through the Solana-based Meteora Launchpad.<\/p>\n

This protocol provides liquidity to new assets minted in the Solana blockchain. Trading volumes for LIBRA have subsided to $160 million but still account for 136.2% of the token\u2019s market cap.<\/p>\n

KIP Protocol CEO Claims that LIBRA Is Not a Rug Pull<\/span><\/h2>\n

Argentinian law firms and Milei\u2019s political rivals have already targeted the President and have threatened to impeach him and sue him for the damages caused to investors who believed that he had some sort of involvement with the project.<\/p>\n

Milei later acknowledged that he was not familiar with the details of the offering and seems to have \u201cwashed his hands\u201d off the issues.<\/p>\n

The Viva La Libertad Project website is still up. The project is described as a \u201csymbol of this movement and in honor of Javier Milei\u2019s libertarian ideas.\u201d<\/p>\n

At the bottom of the website, it says that the project was developed by KIP Network INC. Representatives from the company claim that the token is not a scam despite withdrawing $90 million from the project.<\/strong><\/p>\n

\n

Am putting out a preliminary response to $LIBRA<\/a>: a longer one will follow:<\/p>\n

As per President Milei\u2019s original post a few hours back, Project Libertad was done to boost the Argentine economy by funding small projects and local businesses, supporting those who seek to grow their\u2026<\/p>\n

\u2014 Julian @ \ud835\uddde\ud835\udddc\ud835\udde3 \u328b\u2af8 (@julian_kip) February 15, 2025<\/a><\/p><\/blockquote>\n