# Comprehensive Guide to the LIBRA Token Incident

This weekend, Argentine President Javier Milei's issuance of the $LIBRA token has sparked numerous events. In response, well-known foreign KOL @rektmando compiled a summary of the incident last night:

## Issuance Process

➡️ Argentine President Javier Milei issued a meme coin with the assistance of Kelsier Ventures.
➡️ The token aims to "fund Argentina's development."
➡️ The token's FDV (Fully Diluted Valuation) skyrocketed to $4.50 billion, with substantial trading volume.
➡️ A unilateral liquidity pool (LP) was initiated through Meteora, followed by a gradual removal of liquidity at higher prices.
➡️ When the market discovered that 95% of the supply was controlled by the team and insiders, the token price began to fall.

➡️ Kelsier Ventures profited over $110 million from the LP and token sales.
➡️ Milei subsequently distanced himself from the token, causing its price to crash to $300 million.
➡️ Milei is currently facing fraud charges in Argentina.

## KOL Involvement

➡️ Several internal KOLs were aware of the token's impending issuance.
➡️ Multiple internal KOLs were paid to promote the token.
➡️ Dave Portnoy was invited to promote it but later returned his allocated tokens.
➡️ Portnoy was still compensated for his trading losses.
➡️ Several influencers (KOLs) are listed as partners of Kelsier Ventures.
➡️ Several internal conversation screenshots have surfaced, showing which KOLs were involved and to what extent.

## Coffeezilla Interview

➡️ Kelsier Ventures founder Hayden Davis appeared on Coffeezilla to discuss the issuance's inside story.
➡️ Davis has been exposed and currently resides in Los Angeles.
➡️ He admitted to privately hoarding $LIBRA supply with the team.
➡️ Leveraged the $110 million obtained from $LIBRA in negotiations.
➡️ Admitted that internal KOLs were paid for promotions and provided information to insiders.
➡️ Kelsier Ventures was also involved in MELANIA and other recent "pump and dump" tokens.
➡️ Admitted to targeting MELANIA through LPs and selling at high prices.
➡️ Revealed that insiders pre-purchased at a $500 million FDV during a crypto dinner before the TRUMP token issuance.

## Reactions from Meteora, Jupiter & Moonshot

➡️ Moonshot, Meteora, and Jupiter acknowledged knowing about the $LIBRA plan prior to issuance.
➡️ All denied any insider trading by the team.
➡️ All claimed to have followed proper listing procedures.
➡️ Market rumors suggest that internal information regarding past token issuances linked to Kelsier and Meteora may have been leaked.
➡️ The CEO of Meteora had interacted with Kelsier Ventures on social media weeks ago.

## Impact on the $SOL Ecosystem

➡️ $SOL dropped approximately 10% following the incident.
➡️ Many commentators believe this marks the end of the "$SOL casino" (at least temporarily).
➡️ ETH and BNB's performance has begun to surpass SOL.
➡️ Many $SOL DeFi tokens dropped 10-20%.
➡️ Numerous $SOL meme coins and AI-related tokens fell 20-40%.