Crypto worth $99 million withdrawn from Milei-backed Libra token, researchers say
Around $99 million in cryptocurrency was withdrawn by eight digital wallets linked to the creator of Libra, according to blockchain researchers Chainalysis. The withdrawal occurred after Argentina President Javier Milei promoted the coin on X, leading it to spike above $4.50 before plummeting. The on-chain behavior suggests that the wallets are closely related to the Libra creator team.
- This incident raises questions about the involvement of politicians in promoting cryptocurrency tokens and the potential risks associated with such endorsements.
- Can the crypto industry learn from this example and establish clearer guidelines for politicians' involvement in cryptocurrency promotions?