A new investigation reveals a shocking connection between the now-defunct Argentinian memecoin, Libra, and Melania Trump’s NFT project, Melania. Both appear to be linked to the same team, who allegedly engaged in some seriously shady practices.
The Libra Crash and Burn
Libra, a cryptocurrency supposedly designed to boost Argentina’s economy, enjoyed a brief moment of glory. Its market cap briefly hit a staggering $4 billion before collapsing. This was quickly followed by Argentinian President Javier Milei retracting his support for the project.
Connecting the Dots: Libra and Melania
Blockchain analytics firm Bubblemaps, along with YouTuber Coffeezilla, uncovered a web of suspicious transactions. They traced the profits from the Melania NFT launch to a specific wallet address. This same address, they claim, then funded the creation of Libra.
The Sniping Scandal
The investigation alleges that the team behind Melania and Libra engaged in “sniping”—a practice where insiders buy a cryptocurrency before its official launch and then sell it off at a much higher price after the hype builds. This allegedly earned them millions in profit from both projects.
Specifically, they allegedly made over $2.4 million from the Melania launch and a further $6 million from Libra. One of the Libra creators, Hayden Davis, even admitted to involvement in both projects and confirmed the sniping allegations during an interview with Coffeezilla.
A Pattern of Pump and Dumps?
Bubblemaps’ investigation also uncovered other token launches linked to the same group, all showing the same pattern of rapid price increases followed by dramatic crashes—classic “pump and dump” schemes.
Disclaimer:
This information is for informational purposes only and should not be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
