Vinny Lingham Comments on LIBRA Meme Coin Scandal

Renowned Internet entrepreneur Vinny Lingham has addressed the recent controversy surrounding the meme coin LIBRA, which was endorsed by Argentina’s president, on his social media account on X (formerly known as Twitter).

Lingham voiced his opinion in a succinct tweet, echoing sentiments from another prominent figure in the crypto industry, Max Keiser, Bitcoin advisor to El Salvador’s president, who expressed criticism of the situation.

“Memecoin Economy is Like Gambling”

Lingham shared a link to an interview with one of the LIBRA coin creators, which saw retail investors lose more than $100 million within a single day. The meme coin was promoted by Javier Gerardo Milei in a now-deleted post.

After reaching nearly $5 per coin, LIBRA briefly enjoyed a market capitalization of approximately $4.5 billion before insiders dumped their holdings, causing a classic rug pull.

> This is mind blowing and why I don’t participate in the memecoin economy. It’s like gambling except the house is also cheating…
> — Vinny Lingham (@VinnyLingham) February 17, 2025

In his tweet, Lingham expressed that due to crypto scams like LIBRA, he refrains from engaging with the memecoin economy, comparing it to a casino where the house cheats.

Scammers Don’t Bother Making Whitepapers: Max Keiser

Max Keiser also commented, albeit indirectly. In his tweet, the former financial observer and current Bitcoin advisor to El Salvador’s president, Nayib Bukele, noted that modern scammers no longer bother creating whitepapers, a hallmark of reputable cryptocurrencies, in emulation of Satoshi Nakamoto’s original Bitcoin whitepaper.

> Remember ‘White Papers?’
> Scammers don’t even bother anymore.
> — Max Keiser (@maxkeiser) February 17, 2025