How did Argentina’s president Javier Milei pull off the largest crypto rug pull in history?
Argentina’s president Javier Milei literally wiped out the meme coin market in just five hours today, and might have incinerated his reputation along with it. Let’s start from the beginning. At exactly 10:01 PM UTC, Javier made a post on X announcing that $LIBRA was launching to “boost Argentina’s economy.”
Of course people weren’t sure if he was serious. Some thought his X account got hacked. Others assumed it was another political stunt. But then, many Argentine politicians confirmed it was real, so as per usual, retail traders dove in headfirst. Within minutes, $LIBRA hit a $4.6 billion market cap.
The whole thing was ridiculous, as meme coins tend to be. There was no whitepaper, no tokenomics,…
