LIBRA Memecoin Scandal Erases $251M in Investor Losses

The LIBRA memecoin, tied to Argentina’s political scene, caused a massive loss for traders, with 86% of participants losing $251 million, according to Nansen’s on-chain data. The token surged to a $4.5 billion market cap after being promoted by President Javier Milei, but quickly crashed as insiders sold off their holdings, wiping out 90% of the value. Despite some making substantial profits, the event left the majority of traders .