3 months ago
Argentine authorities are ramping up their probe into the illness of LIBRA, a Solana-based memecoin, with authoritative Eduardo Taiano starring efforts to way transactions and frost associated assets.
According to section reports, the probe aims to place individuals who profited from the token’s emergence and autumn and find whether immoderate illicit activities, specified arsenic wealth laundering, occurred.
Taiano has requested planetary entree to transaction records, chiefly focusing connected Feb. 14 and 15, erstwhile LIBRA reached its highest valuation of much than $4 billion.
While the full trading measurement is known, the anonymity of blockchain transactions has kept the wallet owners’ identities concealed. However, the authoritative has identified immoderate addresses and is pushing for plus freezes to forestall money question during the ongoing investigation.
Meanwhile, the enquiry besides extends to deleted societal media posts, including a tweet from President Javier Milei that endorsed the project. Taiano seeks telephone records and visitant logs from the president’s residence to analyse imaginable connections betwixt officials and LIBRA’s backers.
The probe besides aims to uncover whether authorities figures played a relation successful LIBRA’s promotion oregon illness and whether those with privileged accusation misled investors.
LIBRA’s downfall
LIBRA gained prominence past period erstwhile President Milei publically endorsed it, drafting attraction to its cardinal backers, including Hayden Davis’ Kelsier Ventures and Julian Peh’s KIP Protocol.
However, the project rapidly unraveled amid allegations of insider trading and marketplace manipulation. On-chain information suggests that insiders withdrew astir $107 cardinal earlier the token crashed.
Blockchain analytics steadfast Nansen further revealed that 86% of traders suffered corporate losses of $251 million, portion a smaller radical secured $180 cardinal successful profits.
Milei aboriginal deleted his societal media post, claiming helium had nary anterior cognition of LIBRA’s details and sought to distance himself from the controversy. However, by that time, important fiscal harm had already been inflicted.
The absorption has condemned the scandal, branding it a nationalist embarrassment and calling for Milei’s removal from office.
The station Argentine authorities prosecute plus freezes successful ongoing Libra memecoin debacle appeared archetypal connected CryptoSlate.
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