Solana News: Argentine President Faces Fraud Charges Over LIBRA Token Collapse

Argentine President Javier Milei is facing fraud charges related to the collapse of the LIBRA token, built on the Solana blockchain. The token's value plummeted by over 94% after Milei deleted his endorsement post, leading to allegations of fraud and price manipulation.

Argentine President Javier Milei Faces Fraud Charges Over LIBRA Token Collapse

Argentine President Javier Milei is accused of criminal conduct in promoting the Libertad project's native token, Libra (LIBRA), built on the Solana blockchain. The token's value collapsed by over 94% after Milei deleted his endorsement post, sparking fraud allegations. Milei faces criminal charges, including fraud and price manipulation, linked to the alleged pump-and-dump scheme. Despite meeting with LIBRA's tech consultants, Milei denied direct ties to the project and requested an anti-corruption investigation.

Solana Price Prediction: Market Dynamics Shift Amid Unlock and Volatility

Solana ($SOL) has recently witnessed a significant market dynamics shift. On-chain data indicates a 2.24% decline in wallets holding over 100 $SOL, possibly due to investor concerns regarding an upcoming major $SOL unlock on March 1, 2025. This trend, captured over two weeks, suggests a drop in investor confidence or asset reallocation by some holders.

Argentina Stock Market Falls After President's LIBRA Memecoin Scandal

Argentina’s stock market took a sharp hit following President Javier Milei’s involvement in a crypto scandal. The flagship index, S&P Merval, dropped over 5% after Milei endorsed the LIBRA memecoin, which collapsed after reaching a $4.5 billion market cap. The Solana-based asset was backed by Milei as an economic initiative but faced allegations of insider trading and fraud, losing 95% of its value within hours of launch. Legal and political repercussions have begun.

Bubblemaps Links Libra and Melania Tokens to Same Entity

Bubblemaps, a blockchain analytics firm, has identified two significant issues regarding the association between Libra (LIBRA) and Melania (MELANIA) meme tokens. According to blockchain data, the analysts traced both launches to a single team. Suspicious wallet connections and sniping activity were observed, indicating collaboration between the teams behind the meme tokens. The wallet “0xcEA” on the Solana platform was found to be involved in the Melania token launch.