Was Argentina’s president used to pump a memecoin? The launch of $LIBRA has turned into a political and financial scandal, with accusations of insider trading, bribes, price manipulation, and government ties to crypto influencers.
In this episode, Diogenes Casares, a crypto trader with deep connections in both memecoins and Argentina’s crypto scene, exposes what really happened behind the scenes. He details how a network of market makers, influencers, and political insiders orchestrated the launch, how the price was manipulated from the start, and why he believes the entire operation was illegal.
Casares also explains the potential legal consequences for those involved, the impact on President Javier Milei’s administration, and what all this means for the future of Solana memecoins.
Show highlights:
- 3:06 How Dio heard about the launch of an Argentina-related memecoin two weeks in advance
- 8:09 Whether Argentines were the ones who actually lost money on the coin
- 40:50 How Kelsier Ventures’ Hayden Davis crashed the price of the token
- 14:51 How the story is being perceived in Argentina
- 16:38 Why Dio believes Argentine President Javier Milei was naive
- 22:38 Who the insiders were and what role they played
- 26:56 Why Dio says that insider trading is illegal even in crypto
- 30:31 How some of the insiders are “pathological liars,” according to Dio
- 34:57 Why Dio doesn’t believe Jupiter’s statement and is skeptical about the Meteora founder’s statement
- 40:50 Why Dio says Davis’ “strategy” was actually price manipulation
- 44:32 What should be done with the $100 million that Davis holds
- 45:24 How Milei could suffer politically because of the situation
- 51:48 What Dio thinks about Dave Portnoy’s refund
- 57:09 How it was disappointing that this scandal happened in a place with so much crypto adoption
- 1:00:53 What’s next for Milei and whether he’ll go through impeachment
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