- Blockchain analytics firm Bubblemaps has uncovered that the same team is behind both the $MELANIA and recent $LIBRA cryptocurrency projects
- On-chain evidence reveals that the creators engaged in self-sniping during token launches to amass significant profits
- The team has been linked to multiple pump-and-dump schemes involving various tokens
Recent investigations by blockchain analytics firm Bubblemaps have revealed that the $MELANIA and $LIBRA cryptocurrency projects share the same development team. On-chain data indicates that the creators manipulated their own token launches, a practice known as self-sniping, to secure substantial earnings. Further analysis connects this team to several pump-and-dump operations involving different tokens, including the $LIBRA launch, which has led to Argentine president Javier Milei facing impeachment calls.
Unveiling the Connection Between $MELANIA and $LIBRA
The investigation began with an analysis of sniper activity on the $MELANIA token, where one address, labeled P5tb4, profited over $2.4 million. This address transferred its gains to wallet 0xcEA, identified as being associated with the $MELANIA creator through funding transactions and cross-chain transfers. This evidence suggests that the $MELANIA creator, or an associate, engaged in self-sniping during the token’s launch.
Monitoring of wallet 0xcEA revealed its financial support to address DEfcyK, the creator of the $LIBRA token, who reportedly cashed out $87 million. Additionally, 0xcEA participated in sniping the $LIBRA token, generating $6 million in profits through multiple side addresses funded via the USDC Cross-Chain Transfer Protocol (CCTP). This pattern mirrors the manipulative tactics observed during the $MELANIA token launch.
1/ How $LIBRA was created by the same team behind MELANIA and other short-lived coins
Featuring new onchain evidence
A thread with Coffeezilla 🧵 ↓ pic.twitter.com/gNwj97KapF
— Bubblemaps (@bubblemaps) February 17, 2025
A Pattern of Deceptive Token Launches
Further investigation uncovered that wallet 0xcEA is linked to several other token launches, many of which exhibit characteristics of pump-and-dump schemes. Tokens such as TRUST, KACY, VIBES, and HOOD have been associated with this wallet, indicating a recurring strategy of launching tokens to extract value from investors. These findings highlight a concerning pattern of exploitation within the cryptocurrency space, emphasizing the need for increased vigilance and regulatory oversight to protect investors from such deceptive practices.
Other evidence also emerged about the involvement of Javier Milei:
Here’s 3 wallets insider trading $LIBRA right before the @JMilei retweet
Milei just unretweeted and the wallets sold with profit.
What has this space come to man
They don’t give a single fuck. It’s almost like a statement. pic.twitter.com/sj8GZDF9Nf
— Dean Bulla (@deanbulla) February 17, 2025
This has led to calls for Milei to be impeached, with opposition lawmaker Leandro Santoro calling it a “scandal which embarrasses us on an international scale” and “requires us to launch an impeachment request against the president.”
Whatever the next twist in the $LIBRA story, it’s clear that there is more to come from this memecoin.
