⚖️ Milei Faces Fraud Charges Over LIBRA Token

GM Defiers!

Will Javier Milei be the first head of state to be brought down by a memecoin? He faces fraud charges in Argentina in the wake of the $100M LIBRA rug pull, which continues to wreak havoc across the Solana ecosystem.

Crypto markets dipped on Tuesday as macro fears continue to weigh on investor sentiment. The latest CoinShares report revealed that institutions pared back their crypto exposure last week after 19 straight weeks of inflows.

✍️ In today’s newsletter:

Argentine President Milei shows no remorse after promoting memecoin scam
Bitcoin dips under $94,000 as crypto ETPs record weekly outflows
Meteora CEO resigns amid LIBRA fallout
Cardex exploit drains users’ assets on Abstract
Solana ecosystem tokens crater as LIBRA shakes confidence
OpenSea plans to modify its points program

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💸 Argentine President Milei Remorseless After Promoting LIBRA Scam

Following the backlash from the LIBRA memecoin scandal, Milei defended himself in a Feb. 17 interview. Milei claimed he did not promote the memecoin but only “shared it” as he is a fanatical techno-optimist. He also claimed he “acted in good faith and got slapped.”

📉Bitcoin Sinks Under $94,000 as ETPs Record First Outflows in 19 Weeks

According to the latest CoinShares Digital Asset Fund Flows Weekly Report, digital asset investment products experienced significant outflows last week, totaling $415 million. This marked the end of a 19-week inflow streak that had accumulated $29.4 billion.

👀Meteora Faces Insider Trading Allegations as CEO Ben Chow Resigns

Meteora, a Solana-based decentralized finance (DeFi) project, is facing insider trading allegations following the dramatic rise and collapse of the LIBRA token, culminating in CEO Ben Chow's resignation.

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💸Cardex Exploit on Abstract Chain Drains Users’ Assets

Abstract Chain, an Ethereum Layer 2 network developed by the company behind Pudgy Penguins, is investigating a breach of its network after several users reported that their assets had been drained. The exploit has been linked to the Abstract-based game Cardex.

💥Solana Crashes as Argentina President Milei’s Libra Rugpull Hits Credibility

Solana is taking a hit in the fallout of the LIBRA memecoin launch, which has been widely criticized as a rug pull. SOL is down 20% and the ecosystem’s total value locked (TVL) is down almost 10% from $9.15 billion to $8.26 billion.

🌊OpenSea to Modify Points Program Amid Community Backlash

OpenSea, the largest NFT marketplace by all-time volume, publicly launched its OpenSea 2.0 (OS2) beta on Feb. 13 but is changing its points distribution method just five days later.