How the Libra Scandal Exposed Memecoin Insider Trading on the World Stage - Ep. 785
Episode publishedPodcast: UnchainedUnchained
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What I think is, like, a little bit hard for these guys to say is that, you know, there was a bunch of people that were seeding the LP, and they were probably trying to figure out how they wanted to manage the price curve. I find it very hard to believe that they weren't, as a result, relatively intimately aware of how this token was gonna work or how the price curve was gonna work and that they didn't take advantage of it at all.
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Thanks for having me.
We are recording the weekend after the Argentine president Javier Millet promoted a meme coin that he then unposted after numerous insiders jumped in in size on Block 1. Apparently, this was reported by con Connor Grogan of of Coinbase. And then it looks like about a hundred million dollars was extracted. So kind of a classic example of what looks to have been a pump and dump. This has created a massive uproar in the crypto community as well as in Argentina itself. Dio, you're both Argentine American and you happen to actually be in Argentina as all of this was unfolding for unrelated reasons.
Yeah. So I basically started getting messages from people that I trade with about two, three weeks ago asking if there was a chance the Argentine government was gonna launch a token. The for, like, color, they were just kind of, like, friends of mine, so I didn't think it was that serious. I asked some low level people. They said there was no way. And then I got a more serious message from someone I respect a lot and who tends to be right, who claimed that an official in the government had actually been functionally paid off, whether that's, like, a bribe or, like, consulting fee, whatever. An
Yeah. Something that was interesting about what you wrote is the point person for all things crypto related in the Malay administration, you said, actually was not aware. So what does it say to you that that person didn't seem to know and yet this happened?
To me, I I think there's a couple different things. One, I think Malle has admitted very publicly that he does not know anything about. He said in Spanish, he's ignorant about all things crypto. So he kind of outsources that a bit to his team. Like, just now, right before we started recording this, he retweeted something, because now there's there's gonna be probably a trial for him in Argentina. He retweeted a tweet that talked about how hard it would have been for an average Argentine who didn't have a crypto wallet to buy the token, not realizing that by doing that because there's also a la
So from what you've pieced together or at least what you wrote, it seems like this was more something that was generated within the meme coin community. And in order to make sure that the launch was successful, at least from the perspective of certain parties that, you know, basically the insiders, that that their notion was that once he tweeted it, that would be what would create the launch and would make it, probably, I guess, profitable for them too. Yeah.
I actually got a message
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