Bubblemaps reviews the LIBRA incident, exposing liquidity manipulation and extraction of 87 millions dollars
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Bubblemaps published a report stating that after Argentine President Milei expressed support for LIBRA, the token's market capitalization once reached $4 billion, but then collapsed, causing investors to lose over $250 million. Within the first hour of LIBRA's launch, there were signs of 82% token supply concentration, a lack of tokenomics, and abnormal liquidity pool fees. The deployer added a single-sided liquidity pool on Meteora and then withdrew USDC and SOL, allowing for low-slippage fund transfer and extracting $87 million in crypto assets.
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