When Argentine President Milei's LIBRA token plummeted 95%, when rights defenders stormed the presidential palace chanting "Give us back our hard-earned money",
When Jupiter, the star exchange of the Solana ecosystem, cried "We are also victims",
I opened the on-chain data and laughed out my six-pack abs -
It turns out that the most valuable thing in the crypto world is not BTC, but the "acting skills" of the exchanges.
The president shills on the stage, the exchanges count money behind the scenes, the projects rug,
Only the sheeple are piously calculating "when will I break even" in front of the K-lines.
Where is this decentralized finance?
It's clearly the most magical sheeple slaughterhouse of the 21st century...
Magical Start: The President Tweets a Token, the Sheeple Hail His Expertise
The story began in 2023. At that time, Argentina's inflation rate had exceeded 142%, and the common people took pesos to the streets to buy a loaf of bread, only to find that their money had halved by the time they reached their destination. That's when an extreme right-wing politician named Milei, who claimed to be the "Argentina Whisperer", emerged and shouted "Shut down the central bank, abolish the peso, embrace BTC", and successfully became president.
How wild were this guy's campaign slogans? He said: "BTC can eliminate the central bank!" He also claimed to turn Argentina into "the next El Salvador". But what happened? Half a year into his term, the peso-dollar exchange rate plummeted from 800 to 1440, inflation didn't stop, but he learned to tweet a token first.
In the early hours of February 15, 2025, Milei suddenly tweeted about a token called LIBRA, claiming it was "the symbol of Argentina's economic liberalization". As soon as the news came out, the LIBRA price skyrocketed, and countless sheeple chanted "The president is shilling, it's a sure win!"! But 48 hours later, LIBRA plummeted 95%, and investors lost everything.
Even more magical is that Milei immediately disowned it, saying he was "completely unaware", and shifted the blame to the project's advisors.
At this time, Jupiter, the exchange in the Solana ecosystem, stepped out to clarify: "We are just bystanders! Although we knew about the 'president's token' two weeks ago, we absolutely did not participate!"
Wow, this plot is a mix of "Crazy Fast" and "The Wolf of Wall Street".
The President's Image Collapses: From "BTC Savior" to "Sheeple Harvester"
Milei's crypto persona was full of performance art from the beginning.
1. Campaign Period: Shilling BTC
In the 2023 election, Milei successfully harvested young voters with the three slogans of "Shut down the central bank, dollarize, embrace BTC". He even said on a TV show: "BTC is a free currency, the central bank is a fraud!"
Actual results: After taking office, the central bank wasn't shut down, but the official peso-dollar exchange rate was devalued from 366.5 to 800, and the black market rate soared to 1440. The common people's money became even less valuable.
2. Governing Period: Radical Economic Policy Changes
Milei implemented a "shock therapy" program:
Cutting 90% of national tax revenue (then local governments imposed their own taxes)
Announcing the implementation of "free currency circulation" in 2025, allowing BTC transactions
Actual effect: BTC didn't become widespread, but the volume of underground money changers and USDT transactions skyrocketed. The common people found that the president's "freedom" was just letting them fend for themselves.
3. Ultimate Trick: Issuing His Own Token
Seeing the economy in dire straits, Milei had a brainwave: "Since real currencies can't save Argentina, let's issue a virtual token!" And so LIBRA was born.
Presidential White Paper (Fabricated Version):
Vision: Replace the peso and become Argentina's legal digital currency
Backing: Certified by the president's Twitter
Technology: Issued on the Solana chain, "strictly reviewed" by the Jupiter exchange
Actual result: Crashed 95% in two days, investors collectively jumped off buildings. The president quickly disowned it: "I didn't know! I didn't participate! I'll investigate!"
Milei's moves here can be called the "Politician Li Xiaolai". First build a persona to gain followers, then issue a token to harvest, and finally shift the blame and run, perfectly demonstrating "How to Use Blockchain Technology to Destroy a Country".
4. Legal Battle: The President Sued, Impeachment Looming
After the LIBRA collapse, Argentina staged a real-life "Law & Order":
All-Star Plaintiffs
Lawyer Jonatan Baldiviezo: Accuses the president of fraud, saying he used his position to promote a scam
Claudio Lozano (former central bank governor): Argues from an economic perspective that LIBRA is a "national Ponzi scheme"
Anonymous engineer: Through on-chain data analysis, found that the project team had pre-sold
This triggered a series of political chain reactions,the opposition demanded impeachment, accusing Milei of "violating constitutional duties". The International Monetary Fund (IMF) warned that if Argentina condones crypto scams, loans will be frozen, and many citizens took to the streets in protest, holding "Give us back our hard-earned money" banners.
The Exchange's Survival Instinct: Can Jupiter's "Disclaimer" Whitewash Them?
In this farce, the performance of the Solana ecosystem exchange Jupiter can be considered a textbook-level "scapegoating".
Jupiter's "Three Denials", Better at Shifting Blame Than the President
The Jupiter team repeatedly emphasized: "We knew about the president's plan to issue a token two weeks ago, but we kept it secret! We didn't participate! We are innocent!"
Translated into plain language:
- "We smelled the blood long ago, but we didn't warn the sheeple."
- "We only marked it as Verified after the token was launched, and then stuck on anti-counterfeiting labels - this is called user protection?"
- "What? You say we cooperated with the market maker Kelsier Ventures? The wind is too loud, I can't hear you!"
The most ironic thing is that on the day LIBRA was launched, Jupiter employee Meow was in Tokyo, perfectly missing the "sheeple harvesting scene". This plot is like in "Detective Conan" where the murderer always goes on vacation to Hawaii during the crime.
Three Major Doubts Refute Them
But the bystanders soon found the loopholes:
Doubt 1: Since you knew about the "president's token" rumor in advance, why didn't you warn users? Jupiter's response: "We had to keep it secret!"
Translation: The sheeple's life or death is none of my business, traffic is the king.
Doubt 2: How did LIBRA appear on the Moonshot (Jupiter's platform for buying crypto with cash) trending page? The official explanation: "DEXes are naturally open, but we've always had warnings!"
Translation: The pot is the code's, not my intentional doing.
Doubt 3: Project advisor Hayden Davis accused Milei of withdrawing funds, causing the crash. Did Jupiter know about this?
Silence is golden.
Jupiter's operation is just like the nightclub owner who shouted "I'm just providing the venue" when he was cracked down on. In the crypto world, the so-called "strict review" ≈ "filter for shrimps" - specifically to scam honest people.
On-chain evidence: First Lady's coin Melania is actually LIBRA's blood bank
You thought LIBRA was the President's original creation? How naive!
On-chain data shows that the startup capital of LIBRA actually came from the wallet of Trump's wife Melania's coin! The same Indian market maker, the same group of insiders, the same "pump-and-dump" script, they even don't bother to change the harvesting posture.
Even more outrageous is that the behind-the-scenes manipulators of Melania coin and LIBRA are both from Kelsier Ventures' Hayden Davis. This guy is both an advisor to the Trump family and helps the Argentine president write tweets about issuing coins, truly a "transnational sickle hand".
Jupiter's "ecological conspiracy": Solana is the shrimp graveyard
Jupiter claims to be "co-building the Solana ecosystem", but what he's actually doing is setting up a casino for the sickle team:
- Double standard on listing: Celebrity coins pass the review in seconds, small projects are stuck for three years (because they can't be harvested);
- Traffic business: After LIBRA plummeted 95%, Jupiter's transaction fees soared, and they even hypocritically announced "heartbroken about user losses";
- Ultimate rhetoric:"Code is law, we're just tools!" (Translation: I just take the water, you're on your own.)
The most magical thing is that Solana's star project Solayer was also harvested for $2 million, and the founder angrily shouted on X: "Two hackers and one weekend, is that enough to strip you naked?"
The ultimate truth: Chinese sickle team, harvesting shrimps globally
Digging deeper into the backstage of LIBRA, an even more heartbreaking fact emerges -
The so-called "Argentine president's coin issuance" is essentially a cross-border harvesting game of the Chinese capital team!
1. KIP Protocol: The "Shrimp Harvesting National Team" of Singaporean Chinese
- Founder Julian Peh: Singaporean Chinese, the official website boasts "using blockchain to save the Argentine economy", but actually cashed out $107 million through 8 wallets;
- Technical team: The time to write the whitepaper is even longer than the time to register the domain, the small print at the bottom of the official website says "private project", afraid to be associated with the president;
- The art of shirking responsibility: "We're just responsible for the matchmaking, the harvesting was done by the Indian market maker!"
2. Capital path: From the Trump family to the Argentine president
Melania coin → LIBRA coin → the next president's coin, this capital chain reveals the ultimate business model of the sickle team:
- Riding on celebrities: Using Trump and Milei's traffic to attract shrimps;
- Cross-border money laundering: Dispersing funds through Indian and Singaporean companies;
- Collusion with exchanges: Jupiter pretends to be neutral, but actually provides the "harvesting infrastructure"
3. The fate of the shrimps: From "get-rich-quick dream" to "rights protection group"
After the LIBRA crash, a divine comment was circulating in the rights protection group:
"I thought I was being harvested by the president, but it turned out to be my fellow countryman scamming me.
I thought my fellow countryman would shed tears when seeing me,
but it turned out that my fellow countryman saw me and shot me in the back."
As on-chain analyst Yu Jing said: "The Chinese sickle team, specializing in harvesting Chinese shrimps."
This "presidential coin issuance" farce is just the tip of the iceberg of the magical reality in the crypto world. Remember: When the president starts teaching you how to trade BTC, the best choice is to - turn off the exchange app, open "Animal World", and listen to the voice of Mr. Zhao Zhongxiang: "Spring has come, it's the season for shrimps to grow..."
