LIBRA Insider's $20M Windfall Raises Security Concerns
1min read An Insider at LIBRA Profited at Least $20.18M through LIBRA
On-chain data analyst Yu Jin has revealed that a suspected insider trader of the Meme token LIBRA, issued by the President of Argentina, profited at least 20,180 ETH through LIBRA. The address' operations were as follows:
· In the hours leading up to the tweet's release, they withdrew funds in USDC and SOL through CEXs such as Binance, Bybit, and Kucoin;
· Sniper bought at the first second of the Argentine President's tweet release;
· Sold all in batches after the market boosted LIBRA.
· At least 3 addresses' operations are consistent.
This revelation raises concerns about the security and integrity of the LIBRA token and the potential for insider trading to impact its value. As the token gains popularity, it is crucial for the Argentine government and the LIBRA team to address these concerns and implement measures to prevent such activities in the future.
The LIBRA token, launched by the President of Argentina, has gained significant attention in the cryptocurrency community. However, the recent allegations of insider trading have cast a shadow over the token's reputation and raised questions about its governance and security.
As the cryptocurrency market continues to evolve, it is essential for regulators and industry participants to work together to address the challenges posed by insider trading and other forms of market manipulation. By implementing robust governance structures and enforcement mechanisms, the cryptocurrency industry can help to build trust and confidence among investors and users.
