VanEck executive Gabor Gurbacs has expressed optimism about the LIBRA meme coin despite mounting concerns over a possible rug pull.
The token, linked to Argentina's President Javier Milei, has suffered a severe downturn, plunging over 72% since its launch amid accusations of insider sell-offs and manipulation.
Gurbacs took to X on February 19, emphasizing Milei’s vision for free currency competition and suggesting that the President could help address the issues surrounding LIBRA. He invited Milei to discuss strategies to mitigate investor losses and issued a warning about the high prevalence of scams in the crypto sector.
LIBRA’s decline has been exacerbated by reports that insiders cashed out $107 million following an early price surge, causing the token’s value to plummet by 90%. Although Milei has denied any wrongdoing, speculation persists, leading to increased volatility and a formal investigation into the token’s launch and its ties to the KIP Protocol.
As of the latest data, LIBRA’s price remains highly unstable, dropping over 20% in the past 24 hours to $0.2676. CoinMarketCap statistics indicate that the token has continued its downward trajectory, with investor confidence waning due to ongoing uncertainty.
Additionally, speculation has swirled around Hayden Davis, CEO of Kelsier Ventures, who was allegedly linked to the LIBRA controversy through payments to Milei. Although a Coindesk report on the matter was later deleted, Davis has publicly denied any involvement. Meanwhile, the market remains on edge, awaiting further developments regarding the future of LIBRA and its regulatory scrutiny.
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