The latest Web3 drama (and potential crime) is coming to us live straight from Argentina.

President Javier Milei thought he'd flex his crypto credentials by endorsing a new Solana token called LIBRA, and his tweet sent the token to a casual $4.56 billion market cap.

Then everything went to hell in exactly 11 hours – record time, even by meme coin standards.

Crazy Numbers, Crazy Story

This wasn't just your average crypto dump – we just witnessed an incredible 94% nosedive in a period that you could have slept through.

Eight insider wallets managed to cash out $107 million – that’s 57.6 million USDC and 249,671 SOL vanishing into the pockets of shadowy figures who managed to pull this whole thing off.

Just another day in meme coins, huh?

The Warning Signs 

Bubblemaps tried to tell everyone something was fishy – 82% of the supply was unlocked from day one, and the team started dumping just three hours after launch.

But when has crypto ever listened to common sense?

People started to ape in like this was the next big thing, and they subsequently lost their shirt.

Then again, when a sitting President endorses a coin, it’s kind of hard to ignore.

That’s why everyone is now calling for Milei's head on a plate, with opposition lawmaker Leandro Santoro already drafting impeachment papers.

Even Argentina's fintech chamber is calling it what it is – a classic rug pull.

And people thought Trump's memecoin was controversial…

The Backpedal Of The Year

Milei's response was to… delete the tweet and claim he knew nothing about the project.

It's not exactly the best defense when you have the entire Web3 community sitting on massive losses.

He called his critics "filthy rats of the political caste" who were taking advantage of the situation to impeach him.

Yeah, real presidential stuff right there – love him or hate him, that’s hardcore deflection if we’re ever seen it. 

This is no longer about one failed token that fell faster than a stone in a well– it's about what happens when politicians start to play crypto influencer, using the authority endowed to them by their populaces to leverage digital financial instruments that in turn detriment those same people 

When the president of a country shills a token, people tend to listen – and, far too often, they lose their life savings in the process.

The Dirty Aftermath 

Argentina already has tons of financial problems, and now LIBRA is heaped on top of them all.

The crypto community just got a fresh reminder about celebrity endorsements, and political figures are likely thinking twice about their next crypto-related tweet.

And somewhere, once again, a bunch of anonymous devs are counting their millions on a beach.