The $LIBRA Scandal: When Foreign State Conspiracy Threatens National Reputation

Recently, when rumors about the launch of a memecoin called $LIBRA started to spread, many people believe that this will be a surprising turning point for the Argentine government under the leadership of President Milei. However, beyond the apparent surprises, many people – including industry experts – have long sensed signs of an impending scandal.

1. First Signs More than a week before the rumors exploded, consecutive messages were sent from friends and colleagues indicating rumors about a memecoin project related to Milei. Initially, with confidence based on information from industry insiders and government relationships, many believed this rumor was just fake news.

A quick exchange over WhatsApp with a key technology and crypto official in the Argentine government confirmed that there is no plan related to issuing an official token or being supported by the government.

However, as information from many reliable sources - especially from traders and crypto experts - is increasingly confirmed, the picture is gradually becoming more serious. Some sources even suggest that the idea of a memecoin led by President Milei was put forward early on, with information indicating that a close associate of his received a whopping $5 million to ensure the attention to this token.

2. Relationship with Foreign Projects According to the information gathered, $LIBRA is not a domestic project of Argentina. On the contrary, it is a product backed by strong support from foreign investors and venture capital funds. Some information suggests that the group behind the project is associated with figures who have been involved in projects such as $TRUMP and $MELANIA, which have previously attracted attention in the US crypto market. Not stopping there, many wallets on the blockchain were initially found to have signs related to projects like Melania - clearly demonstrating a close relationship between foreign investment groups and this project. Even some reputable figures in the crypto community are said to have known about the project beforehand and even contributed to the liquidity funds of the token from the very beginning.
3. Insider Trading Behavior And Its Serious Consequences One of the most serious issues of this scandal is insider trading - when some individuals use undisclosed information to trade and profit unfairly. Many 'snipers' specializing in on-chain data have identified and exploited internal information to buy tokens before their official launch, creating a clearly manipulated market. Moreover, according to reports, the (deployer) of the project has withdrawn over 100 million USD in stablecoins - an amount nearly equivalent to the annual fish exports of Argentina or the salaries of over 10,000 citizens. In addition, approximately 20 million USD was misappropriated by other wallets immediately after receiving tokens from the deployer. These actions not only violate legal regulations on insider trading but also plunge the country's capital into the whirlpool of illegal appropriation.
4. The Role and Responsibilities of President Milei Although there is much evidence showing that Milei did not directly participate in the implementation of the project or receive any money, as the leader of a country with 45 million people, his responsibility cannot be ignored. Rumors about a high-ranking figure close to him receiving 5 million USD to bring the project to his attention have raised a serious question: Is there an intrusion of foreign forces aiming to exploit the country's resources to the fullest, without caring about the reputation and common interests of Argentina? Trust
5. Lessons And Opportunities For Change The $LIBRA scandal has opened a painful but necessary lesson for Argentina. Although the project did not launch on major exchanges and Milei quickly withdrew from the issue, the damage to the reputation and trust of the people cannot be underestimated. This is the time for the Argentine government to prove that they are completely different from the corrupt 'casta' of the past - a group ready to eliminate any wrongdoing, whether by close associates or external factors. At the same time, this is also an opportunity for regulatory agencies and the domestic crypto community to cooperate, build a more transparent and rigorous monitoring system to prevent market manipulation and insider trading in the future. Conclusion The $LIBRA scandal is not just a story of manipulation by a group of foreign investors or fraudulent behavior in crypto transactions, but also a warning about protecting national interests against schemes that exploit the spirit of innovation and desire for progress. President Milei, while asserting that the project is solely individual and not related to the government, still bears the responsibility towards 45 million people, requiring strong measures to ensure that values of fairness, transparency, and anti-corruption are always a top priority. Only in this way, Argentina can overcome current challenges, build the trust of the people, and move towards a new era with a sustainable economic development and a government truly for the benefit of the entire population.