A significant withdrawal of cryptocurrency worth $99 million has been reported to have occurred from a liquidity pool linked to a token backed by Argentine President Javier Milei’s presidential campaign, according to researchers. The token in question is the Libra token.
The news comes after Milei promoted the Libra token on Friday, which saw its value rise briefly to $4.50 before plummeting. Researchers have attributed the withdrawal to concerns over the stability of the token.
The incident highlights a “plan gone wrong” for Milei’s presidential campaign, which has been facing criticism over its handling of cryptocurrency and financial policies. The researchers’ findings suggest that the Libra token’s value is closely tied to its association with Milei’s campaign, which may not be sustainable in the long term.
Source: https://www.reuters.com/world/americas/crypto-worth-99-million-withdrawn-milei-backed-libra-token-researchers-say-2025-02-20