Onchain data shows the hardest hit investors of the Libra memecoin pump and dump scheme lost a combined $251 million.
Blockchain research firm Nansen found that of the 15,430 wallets that sold at a profit or loss of more than $1,000, over 86% of those sold at a loss, combining for $251 million in losses.
“On the flipside, the other 2,101 profitable wallets were able to take home just about $180 million in realized gains,” Nansen said in its Feb. 19 report examining the biggest winners and losers from the Libra (LIBRA) token, which was briefly shared by Argentine President Javier Milei on X.
“Insiders’ took profits, retail got burned, and key backers distanced themselves,” the firm noted. “A handful of wallets walked away with millions, while most traders were left with deep losses.”
Around 1,478 wallet holders saw a realized loss of between $1,000 and $10,000, amounting to $4.8 million in combined realized losses.
Over 2,800 crypto wallets lost between $10,000 and $100,000, amounting to $82.4 million; another 392 wallets lost between $100,000 and $1 million, with losses totaling approximately $96.5 million.
Another 23 wallets that lost more than $1 million combined for $40.9 million in total losses.
Total losses recorded from wallets that invested in the LIBRA token. Source: Nansen
Nansen said the “worst” 15 addresses losses totaled $33.7 million, with one of those wallets still holding 57% of their initial balance.
Interestingly, Nansen said the “steepest realized loss” came from Barstool founder Dave Portnoy’s wallet at $6.3 million. Portnoy was one of the project’s insiders but returned 6 million LIBRA tokens to Davis, tokens that Portnoy had received as payment for promoting the memecoin.
Another class-action lawsuit
Burwick Law, the law firm currently suing Pump.fun and the Hawk Tuah (HAWK) memecoin creators, said it is already in contact with hundreds of clients who lost money from LIBRA and would explore legal options as more facts come to light.
“Our priority is advocating for those affected and helping them explore potential avenues for financial recovery,” the firm said on Feb. 17.
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The main parties behind LIBRA’s token launch were Kelsier Ventures CEO Hayden Davis and KIP Protocol CEO Julian Peh, while Mieli’s X post, which was deleted around five hours later, appears to be the main catalyst behind the memecoin’s rise and fall.
Local media outlet La Nacion claims to have seen text messages suggesting Milei’s sister, Karina Milei, who serves as secretary-general for Argentina’s presidential office, may have also been involved. Hayden Davis, the supposed sender, has denied sending the messages.
Meanwhile, Davis and Kelsier Ventures were some of the biggest winners from the LIBRA token launch, claiming to have netted around $100 million. Davis, however, said he didn’t directly own the tokens and wouldn’t be selling them.
Meanwhile, Milei has also distanced himself from the memecoin, arguing he didn’t “promote” the LIBRA token — as fraud lawsuits filed against him have claimed — and instead merely “spread the word” about it.
Argentina’s opposition party is calling for Milei’s impeachment.
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