Bubblemaps reviews the LIBRA incident, revealing the capital withdrawal process, and exposes the “arbitrage withdrawal script” of Meme coins.

Shenchao TechFlow news, June 30 — Blockchain analytics platform Bubblemaps released a post-mortem report on the Solana meme token LIBRA, stating that after Argentine President Javier Milei posted in support of LIBRA's launch on February 14, 2025, the token's market cap once reached approximately $4 billion within less than two days, but a rapid crash resulted in investor losses exceeding $250 million.

Bubblemaps indicated that multiple anomaly signals emerged within the first hour of LIBRA's launch, such as 82% of token supply concentrated in a single wallet cluster, no tokenomics model information, and abnormal liquidity pool fees. The deployer did not directly sell LIBRA on the open market, but instead added a one-sided liquidity pool containing only LIBRA on Meteora while withdrawing USDC and SOL from the original pool, enabling low-slippage fund transfers, and subsequently extracted approximately $87 million worth of crypto assets through this mechanism.

Bubblemaps concluded that the peculiarity of the LIBRA incident lies not in its technical methods, but in how an ordinary meme token ultimately expanded into a globally followed event through operational maneuvers, and stated that it will continue to monitor related address activity in the future.