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KOL Promotes LIBRA Returns 6 Million Tokens to Founder
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Dave Portnoy, founder of Barstool Sports, announced that he returned 6 million LIBRA tokens to the founding team following the controversy surrounding the project. He said he made this decision to avoid the troubles associated with the LIBRA memento.
In a video posted on X on February 16, Davey stressed that he did not want to be involved in the potential risks of the project. Previously, Davey received this token from the LIBRA development team to promote the project. But then he decided to repay it in full.
The news comes just days after Argentina's president was also caught up in the controversy related to LIBRA. Milei deleted a post on X calling for support for the project after being criticized for potentially aiding the high-risk project. This raises concerns about transparency and the real motive behind the LIBRA memento.
LIBRA is a widely promoted memento on social media platforms, attracting attention from many investors and celebrities. However, after the recent spate of groves, confidence in the project has been shaken.
Shortly after the Libra memento post was deleted, the token's price continued to plummet, losing another 60% of its value, dragging its market capitalization from $600 million to $200 million. Since its launch at 5pm on February 15, LIBRA has evaporated more than 96.6% of its value, equivalent to a drop of more than 30 times in just six hours.
Currently, the LIBRA development team has not received an official response from Portnoy's decision.
Prior to LIBRA, Dave Portnoy was involved in the promotion and trading of many controversial crypto projects. On February 8, Davey traded a token called “Montoya por favor,” inspired by contestants on the Spanish reality TV show. The token reached a market capitalization of nearly $14 million before dropping to $1 million.
Davey just learned how to trade shitcoins and made a billion times more profit with his first trade.
Davey then went on to mention the Josh Allen MVP Coin, a memento inspired by Buffalo Bills quarterback Josh Allen.
I think I could make a million dollars from this coin. Buy if you dare to take the risk. I just bought it and will sell it. Don't invest more than you can afford to lose.
Davey's actions were met with criticism, with many claiming he took advantage of his large following to manipulate the market. Davey, however, dismissed the accusations of “pump and dump,” asserting that the crypto market is risky but transparent, and that participants understand the benefits as well as the potential risks.
Dave Portnoy, founder of Barstool Sports, is known for his bold investing style and controversial statements. He was once known as a retail investor with great influence in the stock and crypto markets.
During the Bitcoin boom of 2020, Portnoy claimed to be a “true Bitcoiner” after buying $1.25 million worth of BTC. However, not long after, he sold off his bitcoins on the grounds that he could not understand the crypto market.
