LIBRA Team Makes Massive SOL Purchase Amidst Ongoing Controversy

The LIBRA team, associated with the scandalous LIBRA token on Solana, has executed a significant on-chain transaction, spending $61.59 million in USDC to acquire 456,000 SOL. This move comes against a backdrop of past controversies, including a February 2025 incident where the team allegedly rugged the project, withdrawing liquidity and cashing out over $99 million. Circle responded by freezing more than $58 million in USDC linked to LIBRA wallets, leading to probes in Argentina and confiscation of assets.

Community response has been mixed, with some viewing the purchase as a bullish signal for Solana, while others remain skeptical, labeling it as potential market manipulation or an attempt to re-enter the market. The transaction was tracked by analytics platforms like Lookonchain, which also reported a separate $17 million purchase of 128,000 SOL, highlighting institutional interest.

Despite the large buy, Solana's price remained steady around $135, with no significant pump, suggesting controlled trades to avoid slippage. This activity underscores Solana's role as a high-speed blockchain for large-scale swaps and the lingering impact of infamous projects on on-chain flows.