According to cryptocurrency analysis firm LookOnChain, the LIBRA and MELANIA insider teams seem to be laundering funds. The teams allegedly bought and sold the POPE memecoin and lost $2.73 million in the process. The $2.73 million “loss” was reportedly funneled to other wallets legally.

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Department Of Justice Opens Investigation Into LIBRA Cryptocurrency

According to reports, the US Department Of Justice has opened an investigation into the LIBRA cryptocurrency project. The project allegedly had ties to Argentine President, Javier Milei. Milei was accused of promoting the coin, whose price collapsed soon after launch. Milei faced substantial scrutiny, with many accusing the president of insider trading.

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LookOnChain also reported that a whale sold their MELANIA holdings at a loss. The wallet bought 13.97 million MELANIA coins for 30 million USDC. The wallet sold the coins for 14.32 million USDC, losing $15.68 million.

Will The Crypto Market Pick Up Soon?

The cryptocurrency market has faced a significant price correction over the last few weeks. The latest dip comes after the US announced that it will go ahead with tariffs against Canada and Mexico after the 30-day pause. Investors most likely anticipate a negative impact.

The Bybit hack from last week may have further added fuel to the fire. The cryptocurrency exchange lost about $1.4 billion worth of assets.

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The cryptocurrency market may pick up steam over the coming weeks. If the macroeconomic environment improves, crypto assets could see a rise in investments. A complete market turnaround could take a much longer time. The market is still quite volatile and we could see another dip before things settle down. The “Fear-Greed” index currently hovers over the “Extreme Fear” region.