Blockchain analysis platform Bubblemaps has uncovered compelling evidence linking the teams behind two controversial cryptocurrencies, LIBRA and MELANIA, through a complex network of onchain transactions.
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LIBRA and MELANIA creators unmasked by blockchain survey
This Monday, February 17, a shocking revelation shook the crypto world. The blockchain analysis platform Bubblemaps revealed the existence of close links between the teams behind memecoins LIBRA and MELANIA, two hitherto presumed independent projects.
This revelation comes on the heels of LIBRA’s spectacular collapse last weekend, which saw the token’s value plummet just hours after reaching a multi-billion dollar valuation. The token had initially gained popularity following the alleged support from Argentine president Javier Milei.
The meticulous investigation carried out by Bubblemaps has uncovered a complex web of transactions between the two projects. At the heart of this web is a Solana wallet, codenamed “P5tb4”, which amassed no less than $2.4 million via targeted transactions on the MELANIA token. These funds then followed a revealing path: they were transferred to a “0xcEA” EVM wallet on the Avalanche blockchain, an account directly linked to MELANIA’s creator through a series of onchain transactions and transfers.
The common thread between the two projects definitely materialized when analysts discovered that the “0xcEA” wallet fed directly into DEfcyK, identified as the main wallet of LIBRA’s creator.
Suspicions of insider trading emerge
The investigation into LIBRA’s collapse has revealed worrying patterns of insider activity. Blockchain data shows that wallet “0xcEAe…06e2” transferred 1.6 million USDC to three Solana wallets shortly before LIBRA’s launch. These wallets then sold 3.77 million LIBRA tokens for 8.25 million USDC, generating a profit of 6.65 million dollars.
The in-depth analysis of Bubblemaps discovered that insider activity exacerbated the token’s collapse, with approximately $107 million withdrawn from trading fees and liquidity pools. This controversial launch triggered a strong reaction, including calls for the impeachment of President Milei.
These discoveries raise serious questions about the transparency and integrity of the memecoin market. This situation is a perfect illustration of why Dubai is tightening its regulations. Indeed, although LIBRA and MELANIA presented themselves as independent projects in the public eye, the connections uncovered by Bubblemaps reveal a meticulous orchestration of their launches and trading activities.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
