Bubblemaps Links LIBRA Meme Coin Creators to MELANIA Coin
Following the collapse of the LIBRA meme coin, blockchain analytics platform Bubblemaps identified a connection between the teams behind LIBRA and MELANIA meme coins. Key findings include:
- Wallets linked to MELANIA's creator were involved in LIBRA transactions, indicating profit-taking from both launches.
- LIBRA token surged after endorsement from Argentina’s President Javier Milei but crashed within hours, resulting in over $107 million withdrawn from trading fees and liquidity pools.
- Bubblemaps claims solid evidence supporting ties between the two meme coins.
Details of Wallet Activities
- A Solana wallet designated as “P5tb4” accumulated $2.4 million through sniper activities on MELANIA.
- This wallet transferred funds to an Avalanche-based wallet linked to MELANIA's creator.
- The same wallet later funded the primary creator wallet of LIBRA, suggesting coordinated activity.
The LIBRA team is accused of utilizing insider wallets to manipulate the launch, profiting $6.65 million. Specifically:
- A wallet bridged $1.6 million in $USDC before LIBRA's launch, sniping 3.77 million LIBRA tokens and selling them for $8.25 million.
- Payments made to Dave Portnoy may indicate direct association with the LIBRA team.
Legal Issues for President Milei
President Javier Milei faces criminal charges for promoting LIBRA amid allegations of a pump-and-dump scheme. After its launch, LIBRA's market cap reached $4.56 billion, then dropped by over 94% following Milei's post deletion. Lawyers accuse him of complicity in fraud.
Source: Bubblemaps