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International Business Times
International Business Times
Business
Marvie Basilan

$LIBRA: The Ugly Side Of Crypto That Saw Traders Lose $251 Million

Nansen Libra Javier Milei Crypto Argentina
The $LIBRA token scandal unmasked the ugly side of crypto, especially when prominent figures are supposedly involved. (Credit: Bybit/flicker.com)

KEY POINTS

  • 86% of traders lost $251 million, while the remaining winners bagged collective gains of $180 million
  • Majority of wallets that traded $LIBRA suffered losses in the aftermath of the token's launch
  • The $LIBRA case 'does not shed a very positive light on the utility of crypto': Nansen principal research analyst

Hopes were high for the LIBRA token project right after the digital coin's launch Friday, especially after Argentine President Javier Milei promoted the memecoin on X, but the thrill soon turned into chills as the token plunged as fast as it surged to a staggering $4.5 billion market cap within a few hours.

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