TechFlow reports that on February 17, according to Lookonchain monitoring, the LIBRA team is suspected of using three internal wallets to front-run their own token launch, making a profit of $6.65 million.
Several hours before the LIBRA token launch, an address (0xcEAe...06e2) bridged 1.6 million USDC to three wallets on Solana, then used these funds to purchase 3.77 million LIBRA tokens ahead of others. The tokens were quickly sold off, generating 8.25 million USDC in proceeds, resulting in a net profit of $6.65 million.
Since this address had previously bridged USDC from Avalanche to Solana and made payments to Dave Portnoy, analysts believe it likely belongs to the LIBRA team.
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