Bubblemaps replays the LIBRA incident arbitrage script: Single wallet cluster draws $87 million in 1 hour

In comparison, the blockchain analysis platform Bubblemaps released an investigation report on the Solana meme token LIBRA, saying that on February 14, 2025, after Argentine President Javier Milei issued an article supporting the launch of LIBRA, the token's market value once reached about 4 billion US dollars in less than two days, then quickly collapsed, and investors lost more than 250 million US dollars. The incident was called “Cryptogate.”

Bubblemaps said that in the first hour of LIBRA's launch, there were several abnormal signals:

82% of the token supply is concentrated in a single wallet cluster, which is clearly different from the normal meme coin issuance model;

There is no token economy model information, and no hedging, fund allocation, or roadmap has been published;

Liquidity pool fees are abnormal, generating more than $25 million in processing fees within one hour of launch, far exceeding normal retail transaction levels.

According to the investigation, the deploying party did not directly sell $LIBRA on the open market, but instead achieved a low slippage fund transfer by adding a single-sided liquidity pool containing only $LIBRA to Meteora while withdrawing USDC and SOL from the original pool. Bubblemaps said that as of the time of the public warning, the team had withdrawn approximately $87 million in assets through the mechanism. Bubblemaps then discovered that LIBRA was financially linked to another disputed token, $MELANIA. Through on-chain evidence such as cross-chain transfers and overlapping exchange deposit addresses, analysts believe that the two may be operated by the same team, which is pointed at Kelsier Ventures and its head Hayden Davis.

According to the report, the team was then linked to a number of meme coin projects, including $HOOD, $TRUST, $KACY, $VIBES, etc. Common models include: large-scale centralized coin holdings during the deployment phase, multiple wallets rushing to buy, quickly boosting market value, and then withdrawing from cashing out.

Bubblemaps said that what is special about the LIBRA incident was not a technical method, but rather that it received public support from Javier Milei, making an ordinary meme coin operation an event of global concern. The agency believes that indicators such as wallet cluster analysis, supply concentration, and on-chain capital flow have revealed risk signals in the early stages, and will continue to track relevant address activity in the future.

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