In February 2025, Argentina’s President Javier Milei promoted a meme coin called $LIBRA on social media. Within just 40 minutes, the token skyrocketed from near zero to $5.20, reaching a market cap of $4.6 billion.
Soon after, the founding team and insider accounts started selling their holdings. The price crashed by 85%, dropping back to around $0.99.
- Reports suggest that founders and insiders pocketed roughly $87 million.
- Around 44,000 investors suffered massive losses.
- The scandal, now dubbed “Cryptogate,” has sparked public outrage, investigations, and even impeachment callsagainst President Milei.
This case highlights the dangers of blindly trusting political figures or influencers in the crypto market. A single social media post can lure tens of thousands of people into a devastating rug pull.
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