Insider Trading Allegations Surround $LIBRA Token’s Dramatic Rise and Fall
A new report by DWF Labs reveals the shocking story behind the $LIBRA meme token. This Solana-based token reached a $1.16 billion market cap within its first hour. However, it quickly lost over 95% of its value, wiping out $280 million from 75,000 traders.
The incident, dubbed “Cryptogate,” has sparked controversy involving Argentinian President Javier Milei and Kelsier Ventures.Allegations of insider trading and market manipulation have surfaced.DWF’s report suggests insiders accessed $LIBRA tokens before the public launch. Kelsier Ventures reportedly made over $110 million from early trades.
President Milei faces political backlash, with calls for a federal investigation. The report also links Kelsier CEO Hayden Davis to another controversial token, $MELANIA, associated with former U.S. First Lady Melania Trump.
These scandals highlight the need for clear and fair token launch mechanisms. DWF Labs recommends Dutch auctions and Liquidity Bootstrapping Pools to level the playing field for smaller investors.
To restore trust, DWF suggests improved oversight, mandatory pre-launch disclosures, and advanced anti-manipulation measures. These steps could help prevent future insider trading and market manipulation in the crypto market.
