Javier Milei’s Memecoin Crash Scandal

CRYPTO
Javier Milei’s Memecoin Crash Scandal

Argentine President Javier Milei has distanced himself from a controversial memecoin called Libra, which briefly surged to a $4.4 billion market cap before crashing 95%.

Milei initially promoted Libra in a now-deleted tweet, calling it a private project to boost Argentina’s economy and sharing a Solana contract address. Following his endorsement, the coin spiked 2,000% in just 40 minutes, but quickly collapsed as early holders liquidated their positions, withdrawing $87 million in liquidity.

Screenshots shared by crypto analysts revealed that insiders manipulated trading by creating one-sided liquidity pools, allowing them to drain SOL and stablecoins from the market.

Facing backlash, Milei denied any prior knowledge of the project, writing on X: “I was not aware of the details and have decided to stop promoting it.”

The memecoin crash sent shockwaves across the market, briefly wiping $500 million from TRUMP’s market cap in a 30-minute period.

FINANCE
IRS to Lay Off Thousands Soon

The IRS is preparing to lay off thousands of probationary workers during the middle of the 2025 tax season, according to two sources familiar with the agency’s plans. The cuts could take effect as early as next week, as the Trump administration pushes to shrink the federal workforce by eliminating nearly all probationary employees who lack civil service protection.

It remains unclear how many IRS workers will be affected, but this move follows the administration’s “deferred resignation program,” which offered buyouts to federal employees, allowing them to stop working while still receiving pay until September 30. However, IRS employees involved in the 2025 tax season have been told they cannot accept buyout offers until after April 15.

Meanwhile, 14 state attorneys general have filed a lawsuit challenging Elon Musk’s Department of Government Efficiency (DOGE), arguing that its authority to restructure government agencies exceeds constitutional limits. The U.S. Treasury and IRS have not commented.

TECH
Sam Altman Unveils OpenAI’s AI Roadmap

OpenAI CEO Sam Altman has revealed plans for the release of GPT-4.5 and GPT-5, emphasizing a simplified AI experience with unified models.

Altman acknowledged that OpenAI’s services had become too complex, stating, “We hate the model picker as much as you do and want to return to magic unified intelligence.” GPT-4.5, internally called Orion, will be the last non-chain-of-thought model before OpenAI integrates reasoning models like o1 and o3 into GPT-5.

ChatGPT’s free tier will receive unlimited GPT-5 access, while Plus and Pro subscribers will get higher intelligence versions. The release is expected in the coming weeks or months.

Meanwhile, OpenAI faces competition from DeepSeek, a Chinese AI startup whose R1 model disrupted global AI markets. Altman acknowledged the challenge and hinted at reassessing OpenAI’s open-source strategy to stay competitive.

With growing AI rivalry, OpenAI’s next move is critical in maintaining its lead in artificial intelligence.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.