Suspected insider trading in Argentine president's LIBRA memecoin nets at least $20.18M

On-chain analyst @EmberCN stated on X that wallets suspected of belonging to insiders were active before Argentine President Javier Milei announced the launch of the LIBRA memecoin. According to the analysis, several wallets withdrew USDC and SOL from centralized exchanges (CEXs), including Binance, Bybit and KuCoin, just hours before the official announcement to fund their investments. These wallets then purchased LIBRA immediately after the announcement was posted on X and gradually sold off all their holdings as the price surged. At least three addresses exhibited the same trading pattern, with estimated profits totaling at least $20.18 million.