- More than 2,800 crypto wallets faced significant losses between $10,000 and $100,000, standing at a total estimation of $82.4 million.
- La Nacion, a local media channel, has alleged to have seen text messages indicating the sister of the Argentine President, Karina Milei, may have involvement in this case.
- Davis and Kelsier Ventures were some of the largest profit takers from the LIBRA token launch, alleging to have taken about $100 million.
In the LIBRA memecoin reported pump and dump scheme, the investors have lost a total of $251 million, as revealed by on-chain data. The leading on-chain analytics platform, Nansen, unveiled that around 15,430 wallets sold at a profit or loss of over $1,000, more than 86% of those sold at a loss, resulting in a total loss of $251 million.
On February 19, Nansen issued its report in which it investigated the largest winners and losers from the Libra (LIBRA) token, which was mainly shared by the President of Argentina, Javier Milei, on a social media platform, X. The report further added that the remaining 2,101 profitable wallets were capable of gaining just around $180 million in realized gains.
The significant losses
Insiders profited retail burned, and key backers distanced themselves, as per the company. A number of wallets made an exit with millions, and a lot of traders faced significant losses. About 1,478 wallet holders witnessed a realized loss starting from $1,000 and going to $10,000, estimated to be around $4.8 million in total realized losses.
More than 2,800 crypto wallets faced significant losses between $10k to $100k, standing at a total estimation of $82.4 million. Other 392 wallets lost between $100k and $1 million, estimating around $96.5 million.
The loss of the remaining 23 wallets surpassed $1 million, estimated at $40.9 million in overall losses. Around 15 addresses fell in the category of having the worst loss, totaling an amount of $33.7 million, with one of those wallets still possessing 57% of their starting balance.
It is interesting to note that Nansen mentioned that the steepest realized loss was driven by the wallet of Barstool founder Dave Portnoy, standing at $6.3 million. Portnoy was an insider to the project but gave 6 million LIBRA tokens back to Davis.
The big parties
The parties involved in the launch of the LIBRA token were the CEO of Kelsier Ventures, Hayden Davis, and the CEO of KIP Protocol, Julian Peh. At the same time, the main reason behind the drastic rise and fall of the memecoin is Milei’s X post.
La Nacion, a local media channel, has alleged to have seen text messages indicating the sister of the Argentine President, Karina Milei, who works as secretary-general for the presidential office in Argentina, may have involvement in this case.
Hayden Davis, the alleged sender, has denied the accusations of sending the messages. At the same time, Davis and Kelsier Ventures were some of the largest profit takers from the LIBRA token launch, alleging to have taken about $100 million.
