The 7:00 Golden Dog Law worked again this morning, but this is the first time someone is glad they didn’t wake up.

The reason is that the President of the well-known cryptocurrency circle in Argentina stands for a meme coin called LIBRA, although it is not a token of the same name as TRUMP, but because people have been expecting a president who can create wealth like TRUMP, the opportunity for the President to issue coins, LIBRA has been equated with the same heavyweight as TRUMP’s coin issuance.

Related reading: “Timeline | Argentine President ‘issues currency’, backstage team cashes out 100 million dollars in 4 hours”

But despite it being Saturday morning, LIBRA did not share the same fate as TRUMP. One after another, large losses were exposed, even Solayer founder Chaofan Shou and Solayer engineer lost over 2 million USD on LIBRA, with a caption saying, ‘Let’s see what two hackers and a free weekend can bring us’.

Why, with all the elements in place - the president, Moonshot, the big pool - has LIBRA taken such a script? Why can’t we make money from LIBRA?

Presidential Platform, Team Harvesting

It can be said that Milei’s promotion of LIBRA’s CA and official website link on Twitter was the main reason for the sharp increase in LIBRA’s market value. Like Trump, after confirming that his account had not been stolen, the market value soared to 4 billion dollars.

Milei wrote in the tweet, “This private project will be committed to promoting the growth of the Argentine economy by providing financial support to small businesses and entrepreneurial projects in Argentina.”

But the painting style gradually becomes wrong. Less than two hours before the issuance of LIBRA, after the market value just broke through 4.4 billion US dollars, LIBRA began to dump a large amount. At first, the group members thought it was a profit-taking leaving the market, but the plunge continues, realizing that a batch of addresses started to withdraw from the pool.

At 9 o’clock in the morning, according to Bubblemaps analysis, the LIBRA issuing team has already profited more than 87 million USD through the act of digging pools with multiple addresses.

By noon, according to Lookonchain monitoring, 8 wallets related to the LIBRA team obtained 57.6 million USDC and 249,671 SOL (approximately 49.7 million USD) by increasing liquidity, removing liquidity, and claiming fees, with a total cash-out of approximately 107 million USD.

However, despite this, there are still traders analyzing the possibility of LIBRA, saying that no one has come out to refute it, maybe there will be good news to push up the price of the coin.

The president shifts blame, the team exposes themselves

But all of this was shattered in Milei’s next tweet.

The president claimed to have supported a so-called private entrepreneurial project, but had no affiliation with it. ‘I did not understand the details of the project, and after understanding, I decided not to continue to spread related information (so I deleted the tweet).’

In the strong atmosphere of Valentine’s Day, Milei vividly staged a despicable man’s performance. At this time, the market value of LIBRA has dropped to 4.5 billion U.S. dollars. Once the tweet was posted, the market value of LIBRA immediately plummeted to 2 billion U.S. dollars.

Even more outrageous, a project has actually stepped forward to claim the issuance of LIBRA. The official website of Viva la Libertad shows that the project is a private independent project developed by KIP Protocol.

At the moment of LIBRA reset, the Web3 AI base layer KIP Protocol announced the launch of the ‘Viva la Libertad’ project, aiming to help private enterprises in Argentina. The success of LIBRA is attributed to everyone’s trust and support. It also added that President Milei has not been involved in the development of the project in the past or present, and Viva la Libertad is a private project independently developed by KIP Protocol.

The one on the left is KIP co-founder Julian, and the one on the right is President Milei. The photo was released in October 2024.

Later, Julian stated that the funds of the Viva la Libertad project are still on-chain, and no SOL has been transferred. The KIP team is involved in the project, mainly responsible for managing the fund allocation to the Argentine company, rather than the token aspect.

What are the lessons learned?

Some tweets suggest that LIBRA is a scam carefully designed to harvest IQ150 members. The main reason is that, with TRUMP in the front and Moonshot in the back, some people suffer losses without carefully understanding all the information about LIBRA and the FOMO sentiment.

For example, at six thirty in the morning, the analysis agency Bubblemaps said that 82% of the total amount of LIBRA is held in one address, and the tokenomics is not disclosed.

The minting function of LIBRA can be frozen, liquidity pools are not destroyed, there are high-cost liquidity pools, and suspicious sources of funds.

In addition, the project’s official website is made using Webflow and displays a Gmail address. However, no formal information related to ‘KIP NETWORK INC’ was found, indicating a lack of actual connection with the issuance of tokens or related businesses. Although the website is in English, considering the project background, it should use Spanish, and the domain was also purchased on the same day, raising further doubts about the project’s credibility.

Smart people learn from TRUMP to check whether LIBRA is listed on Moonshot for the first time. Many smart investors dare to go all in after finding the contract. However, finding the contract does not mean it’s really listed on Moonshot. A few days ago, Moonshot changed the application rules. Projects can register on Moonshot, and then they can be found through the contract address. Only by manually searching for the token name on Moonshot and seeing it displayed is it truly listed on Moonshot.

Sometimes making money is a matter of luck. Some people don’t like to sleep in, so they caught TRUMP, while others like to sleep in, so they missed LIBRA.

On 2025.1.18, TRUMP issued coins, you gained freedom, relatives and friends heard about it, complained that you didn’t notify them to get rich together in time, you said, create a small group to notify each other the first time we encounter the president issuing coins next time.

On 2025.2.15, the President of Argentina launched a new cryptocurrency, and you crazily called your friends to inform them to go all in.

On 2025.2.15, you have no friends.

Despite the jokes being funny, the losses are real and painful, but I hope that next time my friends will still call me, and we will make it back!

Finally, it is also necessary to remind group members to beware of scams claiming to help recover losses.