Argentina's Memecoin Disaster
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 24 February 2025
⏱️ 30 minutes
🧾️ Download transcript
Summary
Argentina’s president Javier Milei has been rocked by a scandal over his promotion of a memecoin called $LIBRA which soared in value before collapsing last week, triggering lawsuits and calls for impeachment.Buyers of the cryptocurrency accused the coin’s creators of - what is known as a “rug pull” scheme, a type of crypto pump and dump scheme - where the promoters draw in buyers, only to stop trading and make off with the money raised from token sales.The same team who launched the Argentina linked meme token are also behind Donald Trump's wife's Melania Coin - which performed similarly.In today's video we discuss whether elected representatives should be involved in cryptocurrency investments.Patrick's Books:Statistics For The Trading Floor: https://amzn.to/3eerLA0Derivatives For The Trading Floor: https://amzn.to/3cjsyPFCorporate Finance: https://amzn.to/3fn3rvC Ways To Support The ChannelPatreon: https://www.patreon.com/PatrickBoyleOnFinanceBuy Me a Coffee: https://www.buymeacoffee.com/patrickboyleVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://bsky.app/profile/pboyle.bsky.socialBusiness Inquiries ➡️ sponsors@onfinance.org
Coffeezilla Libra Interview: https://www.youtube.com/watch?v=EqizJTbxAEM&t=3261s
Transcript
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| 0:00.0 | Kanye West, who legally changed his name to Yee a few years ago, but is also known by the nicknames |
| 0:06.5 | Yeezy, Yeezus, Louis Vuitton, Don and Saint Pablo, announced earlier this month on Twitter, |
| 0:13.8 | which legally changed its name to X, but is also known by the nicknames This Hellside, |
| 0:19.8 | the Birdside and the Everything app, that he had rejected |
| 0:23.8 | a $2 million offer to scam his followers with a fraudulent crypto promotion. |
| 0:30.0 | He included in his tweet a screenshot showing how the scam would work. |
| 0:34.8 | He would receive an upfront payment of $750,000 to tweet about a fake |
| 0:40.7 | yee currency. He would have to keep that tweet live for eight hours after which he could delete |
| 0:47.0 | it, claim his account had been hacked and say that he didn't write the post. He would then receive |
| 0:52.9 | an additional $1.25 million payout. |
| 0:56.9 | The message he shared went on to explain that the company asking you to do this will |
| 1:02.3 | be scamming the public out of tens of millions of dollars. Now, Kanye didn't agree to this. |
| 1:09.1 | He has a reputation to preserve. He's a rapper, after all, not a politician. |
| 1:13.6 | He instead went on a bit of a Nazi rant before deleting his Everything app account. |
| 1:20.6 | About a week later, the Argentinian president, Havier Malay, promoted a crypto token on Twitter too. This one was called Libra, and it started |
| 1:31.0 | trading just minutes before his tweet. His tweet said that the project would be dedicated to |
| 1:36.9 | encouraging the growth of the Argentine economy by funding small Argentine businesses and startups. |
| 1:43.2 | Over the next hour, more than 44,000 wallet addresses bought the token. |
| 1:49.4 | The price spiked from around 22 cents to more than $5, pushing the token's overall market |
| 1:56.0 | value to $4.5 billion, before it collapsed in value as insiders began dumping their tokens. |
| 2:04.3 | Concern quickly spread in Argentina that Malay's Everything App account had been hacked. |
| 2:09.7 | A few hours later he deleted his tweet saying that he had not been aware of the fine details |
... |
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