Bubblemaps reviews the arbitrage script of the LIBRA incident: A single wallet cluster drained $87 million in one hour

Blockchain analysis platform Bubblemaps released an investigation report on the Solana Meme token LIBRA, stating that on February 14, 2025, after Argentine President Javier Milei posted a message supporting the launch of LIBRA, the token's market value once reached approximately $4 billion within less than two days, before quickly crashing, resulting in investor losses exceeding $250 million. This incident has been dubbed "Cryptogate."

Bubblemaps indicated that multiple abnormal signals appeared within the first hour of LIBRA's launch:

82% of the token supply was concentrated in a single wallet cluster, significantly different from the normal launch pattern of Meme coins;

No information on the token economic model was provided, with no announcements regarding lock-ups, fund allocation, or a roadmap;

The liquidity pool fee structure was abnormal, generating over $25 million in fees within the first hour of launch, far exceeding normal retail trading levels.

The investigation shows that the deployer did not directly sell $LIBRA on the open market. Instead, they added a one-sided liquidity pool containing only $LIBRA on Meteora, while simultaneously removing USDC and SOL from the original pool, facilitating fund transfer with low slippage. Bubblemaps stated that, as of the public warning, the team had extracted approximately $87 million in assets through this mechanism. Subsequently, Bubblemaps discovered a fund link between LIBRA and another controversial token, $MELANIA. Through on-chain evidence such as cross-chain transfers and overlapping exchange deposit addresses, the analytical agency believes the two projects may be operated by the same team, which is pointed towards Kelsier Ventures and its head, Hayden Davis.

The report states that this team was later linked to multiple other Meme coin projects, including $HOOD, $TRUST, $KACY, and $VIBES. Their common pattern includes: holding a large concentration of tokens during the deployment phase, using multiple wallets to front-run purchases, rapidly inflating the market cap, and then exiting to cash out.

Bubblemaps stated that the uniqueness of the LIBRA incident lies not in the technical methods used, but in the public support it received from Javier Milei, which escalated what was a standard Meme coin operation into a globally watched event. The agency believes that indicators such as wallet cluster analysis, supply concentration, and on-chain fund flows had already revealed risk signals early on, and they will continue to monitor related address activity in the future.