Argentine President Javier Milei’s endorsement of a memecoin called Libra led to significant losses for many crypto traders, with an estimated 86% of those who took positions on the token ending up losing money. According to research firm Nansen, total losses from trading Libra totaled $251 million, while a minority of successful traders made a combined $180 million. The massive losses have raised concerns about retail investors getting “burned” in this scandal, as insiders appear to have profited at the expense of other traders.
Source: https://www.bloomberg.com/news/articles/2025-02-19/javier-milei-s-crypto-scandal-led-to-losses-for-86-of-traders