What Happened With Javier Milei’s LIBRA Meme Coin?

[tradelikepro]

What was LIBRA and why did it attract so much attention?
LIBRA was a meme coin promoted last year by Javier Milei, the President of Argentina. After Milei shared a verified post endorsing the so-called “Viva La Libertad Project,” thousands of investors rushed to buy the token, believing it had presidential backing. The endorsement triggered a rapid buying frenzy across crypto communities worldwide.

Why is LIBRA considered a rug pull?
Shortly after launch, the token’s price collapsed as liquidity drained and early holders exited. Many investors reported heavy losses, with some alleging the project was structured to benefit insiders. The sudden crash, combined with a lack of transparency about the team and smart contract, led critics to label it a classic rug pull.

How many investors were affected?
While Milei downplayed the impact, exchange data from Ripio showed at least 1,329 Argentine users suffered losses. Globally, investors from multiple countries were impacted, and at least 212 plaintiffs have joined a class action lawsuit in Argentina seeking compensation.

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milei comparing it to gambling doesn’t fully address the endorsement part. there’s a difference between “people speculate” and “head of state boosts it.”