Original author: Alex Liu, Foresight News
On-chain clues source: Bubblemaps
Recently, the crypto community has been in a heated discussion about insider manipulation around the LIBRA token briefly endorsed by Argentine President Javier Milei and the MELANIA token associated with US First Lady Melania Trump. Blockchain data analysis company Bubblemaps, through cross-chain transfer records and time pattern analysis, revealed for the first time with on-chain evidence that the behind-the-scenes teams of these two projects are actually the same group of people, and have made profits of more than $100 million through sniper trading and liquidity withdrawal.
Background: From presidential platform to collapse controversy
The “Presidential Farce” of the Libra Token
On January 30, 2025, Argentine President Milley met with the projects technical advisor Hayden Davis and promoted the Libra token on social media, sparking market frenzy. However, within hours of the tokens launch, the project withdrew $87 million of USDC and SOL from the liquidity pool, causing the price to plummet by more than 80%. Milley subsequently deleted the tweet and launched an anti-corruption investigation, but it had already caused huge losses to investors.
Market data source: GMGN
The project team shirked responsibility internally: KIP Protocol claimed that it was only responsible for technical supervision, while Hayden Davis of market maker Kelsier Ventures accused the presidents team of temporary regret and causing panic.
Melania Token’s “Political Gimmick”
In January 2025, the Melania token endorsed by Melania Trump had a market value of over $10 billion on its first day of launch, but then quickly collapsed due to insider selling, with its market value shrinking to less than $2 billion. Its model is highly similar to LIBRA, both relying on the celebrity effect to attract retail investors, and then harvesting them through liquidity withdrawal.
Market data source: GMGN
Evidence: The “harvest chain” controlled by the same team
Bubblemaps analysis revealed the following chain:
Melania Token’s “Self-Directed and Self-Performed”
The address P 5 tb 4 made a profit of $2.4 million by sniping Melania tokens, and then transferred the funds to 0x cEA through the cross-chain protocol (CCTP). The latter was confirmed to be the address associated with the creator of the Melania token.
The team used inside information to buy tokens in advance and sold them at high prices, forming a typical pump and dump pattern.
Libra Token’s “Same Script”
The address 0x cEA reappeared, providing financial support to DEfcyK, the creator of the Libra token, and made a profit of $6 million by front-running Libra through multiple associated wallets. At the same time, the Libra team withdrew $87 million from the liquidity pool, further exacerbating the collapse.
On-chain data shows that wallets that bought Libra early on highly overlap with Melania tokens, and are all associated with Rug Pull projects such as TRUST, KACY, and VIBES, indicating that the same group has been manipulating multiple tokens for a long time.
“Ironclad Evidence” of Cross-Chain Fund Flows
By analyzing the records on chains such as Solana and Avalanche, Bubblemaps found that the 0x cEA address frequently used cross-chain protocols to transfer funds to conceal the true flow. For example, the profits of Melania tokens were converted into USDC through CCTP and then flowed into the wallet of the creator of Libra.
Related parties and interest networks
Key figures and institutions
Kelsier Ventures: Accused of being the market maker of Libra, the family of its founder Hayden Davis (father Tom Davis and brother Gideon Davis) was called a family-style criminal group by crypto KOLs.
KIP Protocol: Despite denying involvement in the token issuance, its representative Julian Peh was hinted by Hayden Davis as a scapegoat.
The gray chain of celebrity endorsement
Members of the Milley administration were exposed to accepting bribes to promote the token platform. For example, Milley’s confidant received $5 million to facilitate the president’s promotion of LIBRA.
Community reflection and calls for regulation
The crypto community’s “trust crisis”
Developer Farokh called for the exposure of a list of all KOLs who charge marketing fees, while KOL Dave Portnoy revealed that he had inside information, further exposing corruption in the industry.
The founder of Argentinas Lambda Class pointed out that such incidents seriously damaged the reputation of the countrys encryption industry and many honest builders were implicated.
The urgent need for regulation and transparency
The Argentine government has set up an inter-departmental investigation team to integrate financial, anti-money laundering and other institutions to hold people accountable.
Industry experts call for strengthening the application of on-chain monitoring tools and formulating disclosure rules for celebrity-endorsed tokens to reduce information asymmetry.
Greed Game and Warning
The Libra and Melania token incidents revealed the darkest side of the crypto market: the triple trap of celebrity halo + insider manipulation + liquidity fraud. Bubblemaps on-chain analysis not only provides evidence for victims to hold accountable, but also serves as a wake-up call for the community:
Be wary of “politically endorsed” tokens: celebrity endorsements are often short-term hype signals rather than value support.
Strengthen on-chain detection capabilities: Ordinary investors can use tools to track large wallets and fund flows and identify suspicious patterns.
Promote industry self-discipline: Project parties need to disclose token distribution and liquidity management plans to reduce information black boxes.
This farce may be just the tip of the iceberg, but only transparency and accountability can clear the obstacles for the long-term development of the crypto ecosystem.
