Billionaire entrepreneur Mark Cuban has decided to step away from the memecoin space, citing concerns over transparency and fairness in the volatile industry.
After weeks of speculation about his potential entry into the memecoin market, Cuban said he has no plans to launch his own token at this time.
“A lot needs to change in terms of transparency and, more importantly, fairness,” Cuban said. “I don’t want to be involved in the game of shoehorning.”
Cuban’s decision comes after a major controversy involving Argentine President Javier Milei and a memecoin called Libra. Marketed as a project aimed at funding small Argentine businesses and startups, the token quickly reached a market value of $4.5 billion before crashing within hours. The project collapsed after the team behind the token executed a rugpull transaction, leading to major financial losses for investors.
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Hayden Davis, Milei’s alleged memecoin advisor, later admitted in interviews that he personally withdrew $100 million from the project and now has funds he’s unsure how to handle. The scandal, dubbed “Cryptogate” in Argentina, has led to accusations of fraud against Milei and calls for his removal.
Prior to the Libra debate, Cuban had expressed tentative optimism about the potential of memecoins despite their speculative nature. He proposed launching a coin with the same tokenomics as former US President Donald Trump’s TRUMP ($17.22) token, but with a unique twist that would direct all proceeds toward reducing the US national debt.
*This is not investment advice.
Continue Reading: Billionaire Who Announced He Would Launch Memecoin Changed His Mind: He Lists His Reasons
