- KIP Protocol says it didn’t provoke or launch Libra.
- The mission didn’t additionally revenue in any means from the launch, regardless of being ‘misled’ to publish about token.
- Libra, additionally promoted by Argentina President Javier Milei on X, crashed quickly after launch.
KIP Protocol, the web3 layer for AI on Base, has denied allegations that it had a task within the launch of Libra, the cryptocurrency that turned out to be a serious scandal within the area.
On Monday, the KIP Protocol crew printed a press release that it mentioned clarified the details across the LIBRA token launch.
“We 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 Protocol’s role in the event,” the platform posted on X.
KIP Protocol’s assertion listed 5 key factors associated to the Libra mission.
It additionally highlights the endorsement by Argentina president Javier Milei, a proven fact that solely noticed retailers endure as the value crashed shortly afterward.
The occasions even noticed an investigation launched in Argentina, whereas trade observers pointed to the hurt to retail traders.
One of many platforms to get criticized was the KIP Protocol.
What has the mission mentioned about Libra?
In its assertion, the KIP Protocol crew has denied experiences that it initiated the mission.
“KIP did not initiate the Libra project, or Project Viva La Libertad. We did not direct any activity nor did we participate in any discussions regarding the token launch. We are an early-stage AI company that became a convenient party to provide cover for other parties who initiated and managed the token launch,” the assertion reads partly.
The publish on X additionally highlighted 4 different factors. It consists of the assertion that the mission didn’t create or approve the web site for Undertaking Viva La Libertad. Slightly, KIP had an invitation that sought its help within the administration of a financing initiative focused for Argentinian small and medium enterprises, or SMEs.
1/ How $LIBRA was created by the identical crew behind MELANIA and different short-lived cash
That includes new onchain proof
A thread with Coffeezilla 🧵 ↓ pic.twitter.com/gNwj97KapF
— Bubblemaps (@bubblemaps) February 17, 2025
In keeping with KIP, the “invitation was made by Mauricio Novelli only on 13 February 2025, based on our past experience in running grant programs, and our ability to deploy AI infrastructure for companies.”
KIP says the SME financing initiative was solely slated for graduation at a later date. Libra launched and crashed earlier than the platform undertook any discussions concerning Undertaking Viva La Libertad.
So did KIP have something to do with the token launch? No, in response to the assertion.
“We were not informed in advance of the token sale date or time. We did not promote the purchase of the token in any way before or after the launch.”
Regardless of posting about LIBRA on X, KIP maintains they’d nothing to do with the launch. The crew didn’t additionally revenue from the token and not one of the wallets that acquired tokens or held them belong to KIP.
Libra’s token launch, ostensibly by Hayden Davis or Kelsier Ventures, noticed unsuspecting victims lose hundreds of thousands of {dollars} because the token’s value crashed.
