The LIBRA meme coin has recently made headlines, but not for the reasons its investors might have hoped. A new investigation by blockchain analysts at Bubblemaps has uncovered a web of suspicious connections between LIBRA and MELANIA, another controversial token.
The findings suggest that the same insiders who profited millions from MELANIA may be the same insiders behind the LIBRA crash, as well, as raising concerns about yet another pump-and-dump scheme in the crypto space.
Another Classic Pump-and-Dump
According to analysts, the same insiders who controlled MELANIA also launched LIBRA, running the same shady tactics. It all began when an address, P5tb4, made over $2.4 million on MELANIA.
1/ How $LIBRA was created by the same team behind MELANIA and other short-lived coins
Featuring new onchain evidence
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But what raised eyebrows was where the profits were sent next, a wallet labeled 0xcEA, which is directly tied to MELANIA’s creator.
Even more concerning, the transactions were carried out through USDC’s Cross-Chain Transfer Protocol (CCTP), making it harder to track the movement of funds at first glance.
But it gets worse. 0xcEA was also found funding the creator of LIBRA, known as DEfcyK, the same entity that cashed out a staggering $87 million before the token’s inevitable collapse. Just like MELANIA, the launch of LIBRA was manipulated, with insiders sniping the token early and extracting millions before retail investors could react.
Web of Manipulated Tokens
The evidence doesn’t stop with LIBRA and MELANIA. The same address has been linked to multiple other pump-and-dump tokens, including TRUST, KACY, VIBES, and HOOD.
This isn’t just one-off exploitation, it’s a systematic strategy of launching, pumping, and dumping tokens while leaving retail investors in the dust. Further analysis revealed that 0xcEA was also involved in sniping LIBRA early, profiting an additional $6 million using multiple wallets to hide the activity.
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.
