86% of LIBRA traders lost. While, market makers made $100 million

A cryptocurrency called LIBRA, which was briefly shared by Argentina’s President Javier Milei, caused huge losses for investors.

86% of traders who sold their LIBRA tokens lost at least $1,000 each. In total, more than 13,000 investors lost $251 million.

LIBRA - The Aftermath

Only a few made profits. Some people made money, but they were a small group. Only 2,101 wallets made a total profit of $180 million.

Biggest Losers:

• 1,478 wallets lost between $1,000 and $10,000 (total loss: $4.8 million).
• 2,800 wallets lost between $10,000 and $100,000 (total loss: $82.4 million).
• 392 wallets lost between $100,000 and $1 million (total loss: $96.5 million).
• 23 wallets lost over $1 million each, totaling $40.9 million.

While insiders profited, regular investors lost, some early investors (called "insiders") made millions, while regular traders (called "retail investors") lost big.

Dave Portnoy is the biggest individual loss. The founder of Barstool Sports, lost $6.3 million. He was involved in promoting LIBRA and later returned 6 million tokens.

A law firm, Burwick Law, is gathering investors who lost money to explore legal options.

The token was launched by Hayden Davis (CEO of Kelsier Ventures) and Julian Peh (CEO of KIP Protocol). They reportedly made around $100 million.

President Javier Milei shared LIBRA on X, but deleted the post after five hours. Some messages suggest his sister, Karina Milei, may have been involved.

Milei Denies involvement, he claims he only "spread the word" about LIBRA, not that he promoted it. However, Argentina’s opposition party is now calling for his impeachment.

In short, this was a "pump and dump" scam, where a cryptocurrency's price is hyped up, allowing insiders to make money while most investors lose big.