Analysts Link LIBRA and MELANIA Tokens to a Single Team

Researchers have identified a connection between the teams responsible for launching the meme tokens LIBRA and MELANIA. Bubblemaps claims that both coins were created by the same developers or their close associates.

1/ How $LIBRA was created by the same team behind MELANIA and other short-lived coins

Featuring new onchain evidence

A thread with Coffeezilla ? ↓ pic.twitter.com/gNwj97KapF

— Bubblemaps (@bubblemaps) February 17, 2025

According to the company, suspicious activity began on January 19 with the launch of the MELANIA token. The main wallet, marked as 0xcEA, earned $2.4 million from the coin of the former U.S. First Lady Melania Trump. These funds were quickly transferred to another address on the Avalanche network.

Following the appearance of LIBRA, the wallet used a similar tactic, obtaining an additional $6 million. Such actions, according to Bubblemaps, suggest a single team behind both projects.

Experts highlighted that 0xcEA and the wallets used to fund LIBRA are linked by a chain of transactions across several blockchains, including Solana and Arbitrum. 

Additionally, 0xcEA is associated with several other Pump & Dump schemes. Among them is the launch of a fake Robinhood token (HOOD), whose capitalization initially reached $120 million before falling to $12 million.

Hayden Davis, CEO of Kelsier Ventures, which effectively acts as the custodian and liquidity provider for LIBRA, stated in a video address that the coin’s price collapsed due to actions by the country’s president, Javier Milei. However, on-chain data indicated that insider sales were the main factor in the price crash.

Addressing Libra: pic.twitter.com/lUlAADWnkq

— Kelsier (@KelsierVentures) February 16, 2025

Davis also expressed readiness to return $100 million and insisted on the innocence of the “LIBRA sponsor company” — KIP Protocol. In turn, KIP called LIBRA a Kelsier project.

According to Reuters, opposition representatives in Argentina threatened the president with impeachment over his connection to LIBRA. The Argentine Fintech Association stated that the situation could be an example of a Pump & Dump. 

Lawyers filed a lawsuit against the president, claiming his actions played a key role in the LIBRA token scandal, writes the Associated Press. 

“Fraud was committed as part of this illegal scheme, and the president’s role was central,” said one of the plaintiffs, lawyer Jonathan Baldivieso. 

The lawsuit was also supported by economist Claudio Lozano, who previously headed the Argentine Central Bank.

Milei denies any connection to the project and claims he was unaware of its issues. The president’s administration announced the start of an internal investigation to examine possible abuses by all government representatives.

Previously, investors in the meme coin Official Trump (TRUMP) suffered losses amounting to about $2 billion. According to the NYT, the losses affected more than 813,000 users.