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DeFi Godfather: Presidents are “flushing” on our heads
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Dozens of wallets spent millions of dollars to collect LIBRA just before the Argentine President shill on X, then took profits at a profit tens of times more. DeFi godfather Andre Cronje has expressed his thoughts on the matter.
On February 15, while the crypto community was still debating whether LIBRA was a mainstream project or just a rug pull, Andre Cronje, who has been dubbed the Godfather of DeFi, made a notable comment on X.
He argues that the current market landscape is a far cry from the early days of crypto, where debates mostly revolve around issues of wallet control or security mechanisms.
Now, presidents and nations are directly pumping and dumping memento on our heads, in true financial crime style.
When asked if there were any regrets about returning to the crypto industry amid the current turmoil, Cronje insisted this did not affect his work.
He thinks that memenoin has a completely different group of investors from those interested in decentralized finance (DeFi) or real blockchain, so these developments to him are merely entertaining.
After Argentine President Javier Milei's X account posted about the LIBRA token, the market saw a spike, but soon after, on-chain data showed unusual trades from individuals who were likely insiders.
According to the analysis from EmberCN, some wallets took advantage of the moment before the post appeared to prepare to withdraw cash, then quickly execute trades in the first second when LIBRA was announced.
Specifically, at least three major trades show signs of insider trading:
- One million USDC was used to buy 3.34 million LIBRA, which was later sold for a profit of $8.58 million.
- USD1.5 million was used to purchase 5.10 million LIBRA, and resold it for a profit of $6.45 million.
- 500,000 USDC bought 1.97 million LIBRA, earning $5.15 million after the sale.
In total, these trades raised at least $20.18 million, raising the question of whether someone knew the information in advance and taking advantage of the wave of FOMO from the market to take profits as soon as the price went up.
The LIBRA memento event is becoming one of the most notable incidents of the year, raising a series of questions about whether this was a scheme from a major financial institution, a move by the Argentine government, or simply an elaborately staged scam?