Bitcoin Drama, Milei’s Memecoin Mess, and Pig Butchering Scams: Crypto Chaos Unfolds!

Oh, dear. The crypto world is at it again, and this time it’s a proper circus. 🎪 Retail investors are clutching their metaphorical pearls after yet another memecoin meltdown, this one endorsed by none other than Argentine President Javier Milei. Yes, *that* Milei. The one who’s now facing impeachment because his endorsement led to a rug pull that wiped out $4 billion faster than you can say “crypto is a scam.” 🙃

Meanwhile, Bitcoin is doing its best impression of a crab stuck in a price range so tight it’s practically wearing Spanx. Jan3 CEO Samson Mow reckons it’s all “very manufactured,” which, let’s be honest, sounds about right. 🦀

Milei risks impeachment after endorsing $107M Libra rug pull

So, Milei’s in hot water. Again. This time, it’s because he backed a Solana-native token called Libra (LIBRA), which skyrocketed to a $4.56 billion market cap before plummeting 94% in 11 hours. Oops. 🚀💥 Analysts are calling it a massive insider scam, and Milei’s opposition is demanding impeachment. Honestly, it’s like watching a telenovela, but with more blockchain jargon.

Milei claims he had no idea what he was endorsing, which, sure, Jan. 🙄 His now-deleted X post included a website and contract address for the token, which was supposedly a “private project” to boost the Argentine economy. Spoiler: it didn’t. Instead, it left investors holding the bag and Milei holding his head in his hands.

Opposition lawmaker Leandro Santoro summed it up perfectly: “This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president.” Ouch. 🔥

Bitcoin’s price movement ‘looks very manufactured’ — Samson Mow

Bitcoin’s been stuck in a price range tighter than my jeans after Christmas dinner. 🍗 For over two months, it’s been bouncing between $92,400 and $106,500, and Samson Mow thinks it’s all a bit sus. “It seems like it’s some sort of price suppression,” he said at Consensus Hong Kong 2025. “The very tight range in which you’re trading just doesn’t look natural at all.”

Bitcoin briefly escaped its Spanx-like range after Trump’s inauguration, hitting a $109,000 all-time high before crashing back down. Classic Bitcoin. 🎢 Despite the lack of upside, experts are still predicting a $160,000 to $180,000 price target for 2025. Sure, why not? 🚀

Vitalik Buterin criticizes crypto’s moral shift toward gambling

Ethereum co-founder Vitalik Buterin is not impressed with the crypto industry’s recent obsession with blockchain gambling. 🎰 In an AMA session, he called it a “moral reversal” and expressed his disappointment with the backlash against Ethereum for not embracing blockchain casinos. “If the blockchain community had this kind of moral reversal, I would no longer be interested in participating,” he said. Yikes. 😬

Pig butchering scams stole $5.5B from crypto investors in 2024 — Cyvers

Pig butchering scams are the new crypto boogeyman, stealing a whopping $5.5 billion from investors in 2024. 🐷💔 These scams involve complex manipulation tactics to trick people into sending their assets to fraudulent addresses. It’s like a bad rom-com, but with more financial ruin. Cyvers identified 200,000 cases, with three of the top five centralized exchanges among the most affected platforms. Oof. 😳

24% of top 200 cryptos at 1-year low as analysts eye market capitulation

Nearly a quarter of the top 200 cryptocurrencies are at their lowest price levels in over a year, and analysts are predicting a potential market capitulation. 📉 “The Feb 7 washout pushed 24% of the Top 200 to 365-day lows,” said Jamie Coutts of Real Vision. “In bear markets, >30% readings are common before capitulation.” So, are we in a bear or bull market? Who knows? 🤷‍♀️

DeFi market overview

Most of the top 100 cryptocurrencies ended the week in the green, with Story’s (IP) coin leading the pack with a 173% gain. 🚀 Sonic (S) followed with a 60% rise. So, not all doom and gloom, then. 🌈

Thanks for reading this week’s crypto chaos recap. Tune in next Friday for more drama, insights, and the occasional existential crisis. Cheers! 🥂

2025-02-21 22:12