KIP Protocol was not involved in the development or launch of the meme token LIBRA, finding itself entangled in the situation due to the actions of third parties. According to representatives, the project did not profit from the coin.
STATEMENT FROM KIP ON $LIBRA LAUNCH
24 February 2025We recognize the harm that the $LIBRA situation has caused many investors, our customers and to the wider crypto community. Like many, we have been shocked by the recent events and want to clarify facts regarding KIP…
— KIP Protocol (@KIPprotocol) February 24, 2025
“We recognize the harm that the LIBRA situation has caused many investors, our customers, and the wider crypto community. Like many, we have been shocked by the recent events and want to clarify facts regarding our role,” the publication states.
According to the company, the launch of LIBRA was entirely organized and executed by external parties, including Kelsier Ventures CEO Hayden Davis, who publicly acknowledged this. KIP claims it does not own the website domain.
On February 13, the company received an invitation from cryptocurrency consultant Mauricio Novelli to participate in a project related to financing small and medium-sized businesses in Argentina. The company emphasizes that at the time of the token’s launch, no work processes within this initiative were underway.
After the launch of LIBRA, Novelli suggested that KIP support the token on social media, providing a ready-made text for this purpose. The company explained that at that time, a publication by Argentine President Javier Milei supporting the project was still available. This reinforced their trust in the initiative.
Furthermore, KIP’s contacts with Milei were limited to a one-time meeting at the Tech Forum Argentina event in October 2024, the company claims. LIBRA was not discussed at the meeting.
The firm is prepared to cooperate with authorities to clarify the situation and intends to defend its reputation against any unfounded accusations.
Back on February 17, Bubblemaps linked LIBRA and the coin of the US First Lady Melania Trump (MELANIA) to the same team.
Experts from Lookonchain reported that some users have twice recorded significant losses from investments in the “Argentine” meme token. According to Nansen, total losses for nearly 86% of LIBRA traders amounted to $251 million.