LIBRA Token Traders Suffer $251M Losses Amid Milei Controversy

Nansen Research reports that 86% of LIBRA token traders faced total losses of $251 million, while a smaller group earned $180 million. The Solana-based token, launched on February 14, 2025, saw a brief surge in interest after Argentine President Javier Milei's tweet, driving its price to $4.55 before a sharp collapse.

According to The Block, Nansen's analysis included wallets with gains or losses exceeding $1,000. At its peak, LIBRA's market cap reached $4 billion before plummeting by 95%. This week, Milei distanced himself from the project, stating his intent was awareness, not endorsement.

Despite heavy losses, 1,001 wallets still hold LIBRA, with combined unrealized losses nearing $11 million. A top trader, or "sniper," secured a $6.5 million profit, linked to a Bybit wallet and a trading bot.

As the LIBRA fallout unfolds, Milei now faces fraud allegations related to the token’s promotion.