Libra Scandal Wallets Invest Heavily in Solana Amid Market Dip

Libra-Associated Wallets Shift to Solana

Crypto wallets tied to the failed Libra token have recently become active, transferring significant USDC amounts to acquire Solana (SOL) during a recent market dip. This activity has sparked speculation about a potential Solana resurgence.

Wallets Linked to Libra Show New Activity

Observers noted unexpected transactions from wallets dormant for months, which suddenly activated as SOL's price fell below $130. Two key addresses used $61.5 million in USDC to purchase SOL, accumulating substantial holdings at an average price of $135 per token.

Liquidity Shift from DEX Pools to SOL

A prominent wallet, labeled as Libra Team 1, reallocated USDC from Solana DEX protocols to buy SOL and wrapped SOL. This wallet has a history of handling large transactions during Libra's rise and fall, including its notorious rug pull.

Increased Activity Among Large Holders

Whale wallets outside the Libra network also showed movement. One investor acquired over $17 million in SOL, enduring an unrealized loss of $8 million, while another moved $16.2 million in SOL from Binance to cold storage. Open interest in SOL derivatives surged past $3 billion, with long positions dominating the market.

Ongoing Developments in Libra Wallets

Wallets linked to the Libra scandal continue reallocating funds despite prior freezes and fraud allegations. Earlier, eight insider wallets liquidated $107 million during Libra's collapse, which wiped out $4 billion in market value. Recent transactions involved $61.5 million in SOL purchases at $135 each, flagged by Nansen.