$4M On The Move: Libra Scandal Addresses Make A Surprising Solana Play
Libra-linked wallets quietly pulled roughly $4 million from a failing memecoin and used a part of their stash to pile into Solana, in line with on-chain monitoring and information reports.
The transfer comes amid fraud probes and renewed scrutiny of the token’s launch, which earlier this yr noticed giant withdrawals that rocked investor confidence and drew authorized consideration.
Wallets Rotate Funds Into Solana
Based on on-chain data, two addresses tied to the Libra challenge — labeled “Libra Deployer (Defcy)” and “Libra Wallet (61yKS)” — purchased about $61.5 million value of SOL at a mean value close to $135.
Before these purchases, the identical addresses reportedly held roughly $57 million in USDC, enabling a fast rotation from stablecoin holdings into a significant Layer-1 token.
Blockchain analysts flagged the exercise after tracing a string of transfers that drained the final remaining liquidity from the token’s market.
The withdrawals of almost $4 million adopted earlier giant cash-outs tied to the coin’s creators that investigators say eliminated as a lot as $99 million from circulation on the token’s launch. That wave of exits and the token’s sudden collapse prompted a number of probes in Argentina and the US.
What The Purchases Mean For Markets
Market watchers stated the swap into SOL is notable as a result of it strikes cash from a controversial, politically linked memecoin right into a mainstream crypto asset.
Meanwhile, the political angle has not light. The Libra token’s launch drew consideration after Argentine President Javier Milei publicly promoted the coin after which tried to distance himself as losses mounted.
The broader sample of meme tokens tied to politicians has raised recent worries about transparency and investor safety, with some lawmakers and regulators taking a better look.
Legal And Control Questions Remain
Reports have requested who lastly controls the wallets now and whether or not authorities can freeze the brand new SOL holdings. Fraud investigations are lively, however on-chain strikes present the addresses retained management lengthy sufficient to shift belongings throughout chains.
That hole between probe bulletins and precise seizure powers has prompted requires sooner cross-border coordination in crypto enforcement.
The episode provides to a string of high-profile memecoin blowups tied to public figures. Analysts say these occasions underline the hazard for on a regular basis traders who pile into tokens after a star point out or viral hype.
Featured picture from Gemini, chart from TradingView
