On-Chain Evidence Links LIBRA Token to MELANIA Meme Coin Issuers

After a difficult weekend that led to fraud charges against Argentinian President Javier Milei was leveled for his alleged involvement in the promotion of the Libra token, evidence on the chain and a damn insider interview have surfaced about how precisely the exactly the Solana Meme Coin has turned into a scandal of several millions of dollars.

Milei has in press statements and tweets refused have a prior knowledge of the project.

Parallel to these claims, a collaboration test has been done by blockchain Analytics platform Bubblemaps and pseudonymous on-chain researcher Stephen Findisen (Coffeezilla) revealed that the same entity has orchestrated, both the failed Libra and Melania topping.

“After analyzing cross-chain transfers and timing patterns, we are convinced that this is the case”, Bubblemaps tweeted.

The research has traced interconnected wallet activity between the projects and revealed how profit from one scheme the other financed through a series of cross-chain transfers.

An important Solana wallet with the label “P5TB4“More than $ 2.4 million built up by Early Trade of Melania -to your funds to an avalanche wallet”0xcea“Directly connected to the maker of the token, bubblemaps explained In a tweet -thread.

The same avalanche wallet later funded “Defcyk”, identified as the most important maker of Libra on Blockchain Explorer Solscan, who draws up a clear cash path between the projects.

The Libra Teak, which received a now removed approval from the Argentinian President Javier Milei on Friday, saw its market capitalization rise the billions before they crashed 95% after insiders had removed $ 87 million in liquidity.

Likewise, the Melania -Tokken, promoted by the American First Lady in January, experienced an explosive increase before the value evaporated, leaving retail investors heavy losses.

The analysis of Bubblemaps suggests that the same group may have carried out various other token lancs, including projects Codenaam Trust, Kacy, Vibes and Hood, according to similar pump and dump patterns.

“People are behind my family”

In one interview Posted on YouTube, Findisen, spoke with Hayden Mark Davis, a Chicken Protocol representative, the developer of the Libra Meme Coin.

During the interview with Freeisen, Davis identified himself as a “launch strategist” instead of the core team member, and admitted that they launched both the scales and the Melania Meme Coin.

Davis claimed that the team of the Argentinian President Javier Milei Libra initially supported as a blockchain transparency experiment before they distance themselves when problems emerged.

“Despite earlier obligations, Milei and his team have unexpectedly changed their position, withdrew their support and removed all earlier reports on social media,” Davis said in a prior report through the Associated Press.

A controversial revelation from Davis concerns ‘Project Sniping’, a process in which teams are launching their own token token.

Davis defended this process as “protection” against external traders who can crash prices, although he recognizes the controversial nature of practice.

“Each of these launches, that’s what happens, […] Three to ten boys get these huge chunks. “Davis explained and describes the dilemma of teams between allowing aggressive traders to dominate or intervene in potentially manipulative ways.

In the interview, Davis confirmed rumors about an “Insider benefit” agreement with Dave Portnoy, founder of Barrstool Sports, and said that he reimbursed Portnoy $ 5 million that he lost as a result of the launch of the scales -although Hayden admitted that He had regretted the repayment “unfair.”

Portnoy “knew about the launch,” said Hayden, adding that: “He had time to compile $ 5 million that he exchanged on this coin, then he loses the money ironically and you pay him back.”

Decrypt has contacted Portnoy for comment and will update this article if he responds.

Davis also outlines possible solutions, including users’ restitutions or the revision of liquidity, while emphasizing the complexity of his position.

“There is something, $ 60 million on the bonding curve of liquidity that has been locked,” he said. “It is not a rug, it is a plan that has become miserably wrong with $ 100 million that is on an account that I am the keeper of,” he added, claiming that he had received death threats as a result of his involvement in the Launch of scales.

“The fact that I have control is also what makes me a target and also protects me because this is an international incident, this is not like a random scam,” Davis said.

“People are behind my family,” he said, adding that because of the involvement of a president, “it’s a completely different game.”