The LIBRA token has rallied by more than 40% in the last 24 hours, a striking move that came after the LIBRA Investigative Commission published a final report ending the months-long probe. However, the sudden price spike coincides with insiders draining over $60 million from project-linked wallets to accumulate Solana, raising fresh concerns about market manipulation.
Probe Confirms LIBRA Token Rugpull Amid Price Gains
Data from CoinMarketCap shows that in the last 24 hours, LIBRA jumped from $0.0014 to a high of $0.0032 within hours. At press time, it traded at $0.0024, with an intraday gain of more than 40%, outperforming other meme coins.
LIBRA’s gains came after Maxi Ferraro, the president of the LIBRA Investigative Commission, issued a forceful statement on Wednesday, confirming that the LIBRA token investigation exposed a coordinated fraud involving deception, insider trading, and the misuse of state influence.
“$LIBRA was not an isolated incident. The final report confirms the pattern of behaviors and responsibilities,” Ferraro said. “The findings are clear and unequivocal.”
According to the 200-page report presented to the Chamber of Deputies, investigators found that 87 insiders traded within the 22-second window preceding a price-moving presidential tweet. Of those traders, 36 individuals earned more than $1 million each, leaving more than 114,000 retail traders with losses approaching total wipeouts.
The report concluded that the LIBRA token was “a memecoin without utility” engineered for a profit-driven exit, promoted through misleading signals, and amplified by the president’s online activity.
Ferraro emphasized that political leadership played a direct role in the rug pull and the eventual loss suffered by investors. He noted,
“The President’s political responsibility is inescapable. There was active promotion through the improper use of the presidential office, ignored warnings, and a pattern of obstruction.”
The Commission also noted interference from multiple government agencies, including justice and financial oversight bodies, which allegedly blocked access to documents and refused cooperation with the inquiry.
“This investigation was performed in full accordance with the Constitution. We held 14 meetings and reviewed more than 2,000 pages of documents. The official bloc did not even attempt to present a counter-report.”
However, despite the report, blockchain movements suggest that insiders are still moving funds.
Insiders Drain $60M Raising Fresh Scrutiny
While the probe was closing, several on-chain movements triggered new scrutiny. Blockchain investigator Fernando Molino reported unusual activity involving multisig wallets connected to the project’s founding team. The wallets had been dormant for nine months.
“One of the multisig wallets called ‘Milei CATA’ and the wallet ‘Libra: Team Wallet 1’ sold all their USDC for SOL,” Molino wrote on X. “The first had 45.5 million USDC, the second 13 million. The SOL was moved out immediately. This is the second large movement in two days.”
Molino also highlighted the timing, pointing out that the transfers began shortly after a prosecutor requested renewed measures to freeze funds associated with ongoing financial misconduct investigations. He added:
“Let’s remember that SOL cannot be frozen, unlike USDC. Coincidence?”
The implication is that insiders could be attempting to move funds into assets that cannot be seized, anticipating heightened enforcement as the LIBRA lawsuit transitions toward potential criminal proceedings.
To sum up, the LIBRA token rally may highlight renewed trader interest, but the context surrounding its price movement paints a far more complex and concerning picture. The investigative report classifying the project as a rug pull, and the recent insider activity, suggest that legal and regulatory pressure is far from over.
