Memecoin Libra Under Fire: Allegations Of Parallel Project In Nigeria Surface

The memecoin Libra (LIBRA) is facing controversy due to alleged ties to political figures and questionable practices. Reports indicate the Libra team was developing a similar project in Nigeria and had contacted the Nigerian presidential team. Argentine President Javier Milei, accused of promoting Libra to fund Argentina's development, is now facing fraud charges. The project, which reached a $4.5 billion valuation, saw its value plummet after it was revealed that 95% of the coin supply was unlocked for insiders. US law firms are planning class action lawsuits against Milei, and impeachment proceedings are being considered. Kelsier Ventures, an American firm linked to Libra, is involved, with CEO Hayden Davis acknowledging risks and conflicts of interest in the memecoin sector. Davis is also connected to Melania Trump's memecoin, MELANIA, with transactions linking the two projects. Kelsier Ventures was also reportedly working on a Solana-based memecoin project with members of the Nigerian administration, although President Tinubu's direct involvement is unconfirmed. Since Libra's launch, the Solana blockchain has seen a downturn, with DeFi tokens losing 10-20% in value, while Ethereum and Binance Coin have outperformed Solana.