LIBRA & MELANIA insiders allegedly launder funds through meme coin amid DOJ probe
Key Takeaways
- LIBRA insiders allegedly laundered $2.7 million by means of POPE meme coin amid DOJ probe.
- MELANIA token skilled a speedy rise and fall in market worth post-launch.
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At present, Lookonchain, a blockchain analytics agency, revealed that LIBRA and MELANIA insiders allegedly laundered funds by means of a suspicious meme coin transaction.
Plainly the $LIBRA and $MELANIA insider crew is laundering funds.
They spent 19,846 $SOL($2.76M) to purchase a memecoin(POPE) with a market cap of lower than $150K, and bought it for 175 $SOL($24K), shedding $2.73M!
That $2.73M was successfully funneled to different wallets in a “authorized”… pic.twitter.com/ACDC0EDcjx
— Lookonchain (@lookonchain) February 26, 2025
The evaluation exhibits the insiders spent $2.76 million in Solana (SOL) to buy POPE tokens, solely to promote them for $24,000, leading to a $2.73 million loss.
This comes because the US Division of Justice is investigating the creation and collapse of the LIBRA token, in keeping with La Nación.
The probe examines potential financial crimes, together with fraud and market manipulation, following a prison criticism filed by an Argentine regulation agency with US authorities.
Key figures below investigation embody Argentine President Javier Milei, whose social media endorsement of LIBRA preceded its value surge and subsequent collapse.
LIBRA founders Hayden Davis and Julian Peh are additionally below scrutiny, together with Mauricio Novelli, Manuel Terrones Godoy, and Sergio Daniel Morales.
On February 14, shortly after its launch, LIBRA’s market cap briefly surpassed $4 billion earlier than collapsing, with investor losses estimated at between $87 million and $107 million.
Insiders are alleged to have withdrawn hundreds of thousands in buying and selling charges and liquidity pool funds.
MELANIA, a token endorsed by former US First Woman Melania Trump and launched on January 19, 2025, noticed its market cap attain $4 billion inside half-hour of launch.
The token, constructed on the Solana blockchain, has since dropped greater than 90% from its preliminary value of $13.7 to roughly $1.4.
On February 16, a report uncovered a posh community manipulating the market of LIBRA and MELANIA meme cash, involving influential figures and orchestrated insider methods.
The following day, on February 17, Argentine President Javier Milei confronted fraud costs associated to the LIBRA meme coin scandal, which severely impacted merchants following his endorsement.
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