Blockchain detectives just dropped the receipts on the LIBRA rugpull.

It turns out $251M got vaporized as the chart cratered down the Earth in the 12 hours following the initial hype.

And surprise - the insiders made out with hundreds of millions of dollars at the expense of your avergae trader.

The Pain In Numbers

86% of traders got absolutely rekt trying to exit this thing – barely anyone made money.

More than 15k wallets lost a sizable amount of capital, while a suspicious 2,101 “galaxy brain” (also, potentially insider) addresses somehow walked away with $180M.

Almost 1,500 degens lost a “small” amount of $1k-$10k, which stings.

Another 2,800 got taken for their Lambo down payments, losing $10k-$100k, which burns.

And 392 whales just lost their house deposits of $100k-$1M, which is agonizing.

And 23 absolute units just got margin called by life itself for over $1M each, which will be hard to recover from. 

One of those whale wallets is supposedly Dave Portnoy, who allegedly lost $6.3M on this bad boy… no wonder he’s been launching his own meme coins in an effort to claw back some of those losses.

Or not.

The blockchain never lies, and it looks like Portnoy got $5M USDC back through the backdoor.

Talk about “good luck” (also read as: Federal crime). 

Argentina Is Having A Bad Time

President Milei's getting more heat than a Bitcoin miner in Texas after delting his LIBRA shill tweet faster than BitBoy deletes price predictions.

Now he's facing impeachment because apparently, presidents shouldn't pump meme coins.

We’re pretty sure that’s not in the Argentinian constitution, but something tells us it shouldn’t have to be explicitly in there for him to know not to do that. 

Burwick Law is about to make more money than the entire LIBRA team as hundreds of rekt traders are lining up for their slice of hopium in the form of lawsuits.

But we all know how these crypto lawsuits usually end… years of cases and evidence amount fo clawing back only a small fraction of what was once lost. 

CT Has Thoughts

Nic Carter' is declaring meme coins deader than ICOs after this recent extinction event, while Brian Armstrong is somehow still bullish on the on-chain casino.

Makes sense – Armstrong’s Coinbase is making a lot of money on those sweet, sweet trading fees on Coinbase Pro. 

Oh, and some guy named Armani thinks this is all just a "stress test" which sounds a lot like cope to us, but hey, weirder things have happened in crypto.

Up, Down, Or Jail Time?

Meme coins aren't likely to go anywhere - they're just going to have to get more creative… and hopefully less blatantly fraudulent.

The regulators are about to go harder than every before – if a president shills your meme coin, that's probably the top for the foreseeable future.

But again, stranger things have happened, so we may see another leg up before this entire thing comes crashing down.