Crypto Fraud Exposed: LIBRA, MELANIA Linked to $87M Insider Trading Scheme

The LIBRA meme coin has been making headlines lately, but not for the reasons its creators might have hoped. While many might have expected the token to follow the wild ride of meme coin fame, a new investigation has uncovered something far more alarming. Blockchain analysts at Bubblemaps have uncovered suspicious links between LIBRA and MELANIA, another controversial token.

The shocking findings suggest that the same insiders who profited millions from MELANIA might have been behind LIBRA’s dramatic collapse. Could this be another pump-and-dump scheme?

The deeper the investigation goes, the more unsettling the connections become.

Familiar Faces Behind the LIBRA Crash

According to analysts, the insiders who controlled MELANIA were also behind LIBRA, using the same manipulative tactics. It all started with an address, P5tb4, which made over 2.4 million dollars from MELANIA.

But what raised suspicions was where the profits ended up – a wallet labeled 0xcEA, which is directly tied to MELANIA’s creator.

A Web of Hidden Transactions

Adding to the concern, the transactions were processed through USDC’s Cross-Chain Transfer Protocol (CCTP), making it harder to track the movement of funds at first glance.

But the links don’t stop there. 0xcEA was also found to have funded the creator of LIBRA, known as DEfcyK – the same entity that withdrew a massive 87 million dollars before the token’s inevitable collapse. Just like MELANIA, LIBRA’s launch was manipulated, with insiders acquiring the token early and cashing out millions before regular investors could react.

A Pattern of Pump-and-Dump Tokens

The investigation revealed that the same wallet is linked to several other pump-and-dump tokens, including TRUST, KACY, VIBES, and HOOD.

This isn’t just a one-time scheme. Analysts believe it is a coordinated strategy where insiders repeatedly launch, inflate, and dump tokens while leaving retail investors with losses. Further research showed that 0xcEA was also involved in sniping LIBRA early, making another 6 million dollars by using multiple wallets to conceal the activity.

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Who’s Responsible Behind These?

After LIBRA’s collapse, the controversy took a political turn when Argentine President Javier Milei, who had been linked to the LIBRA project, publicly denied any involvement. Following LIBRA’s dramatic price crash, Milei called for an investigation into potential market manipulation. 

Some critics even suggested that he should face impeachment over his alleged ties to the scandal.

Meanwhile, KIP Protocol and Kelsier Ventures, both linked to LIBRA’s launch, are blaming each other for the token’s failure. KIP’s CEO, Julian Peh, claims they had no control over LIBRA’s launch and that Kelsier, the market maker, should be held responsible.

The investigation may expose the players, but will it be enough to stop the next pump-and-dump? Unfortunately not.