- KIP Protocol says it did no longer provoke or open Libra.
- The project did no longer moreover earnings whatsoever from the open, despite being ‘misled’ to publish about token.
- Libra, moreover promoted by Argentina President Javier Milei on X, crashed soon after open.
KIP Protocol, the web3 layer for AI on Irascible, has denied allegations that it had a operate in the open of Libra, the cryptocurrency that turned out to be a fundamental scandal in the way.
On Monday, the KIP Protocol team printed a assertion that it acknowledged clarified the information spherical the LIBRA token open.
“We scrutinize the damage that the $LIBRA verbalize has caused many investors, our customers and to the wider crypto community. Admire many, we have been disturbed by the most modern events and wish to give an explanation for information relating to KIP Protocol’s operate in the tournament,” the platform posted on X.
KIP Protocol’s assertion listed 5 key capabilities related to the Libra project.
It moreover highlights the endorsement by Argentina President Javier Mileia indisputable truth that simplest seen outlets endure because the associated fee crashed almost straight away later on.
The events even seen an investigation launched in Argentina, while industry observers pointed to the damage to retail investors.
One of many platforms to receive criticized was once the KIP Protocol.
What has the project acknowledged about Libra?
In its assertion, the KIP Protocol team has denied reports that it initiated the project.
“KIP did no longer provoke the Libra project, or Mission Viva La Libertad. We did no longer direct any process nor did we take part in any discussions relating to the token open. We’re an early-stage AI company that grew to change into a helpful celebration to present duvet for other events who initiated and managed the token open,” the assertion reads in fragment.
The publish on X moreover highlighted four other capabilities. It entails the assertion that the project did no longer form or approve the on-line way for Mission Viva La Libertad. Rather, KIP had an invite that sought its assistance in the administration of a financing initiative centered for Argentinian miniature and medium enterprises, or SMEs.
1/ How $LIBRA was once created by the same team behind MELANIA and other quick-lived coins
Featuring composed onchain proof
A thread with Coffeezilla 🧵 ↓ pic.twitter.com/gNwj97KapF
— Bubblemaps (@bubblemaps) February 17, 2025
In accordance to KIP, the “invitation was once made by Mauricio Novelli simplest on 13 February 2025, based on our past trip in running grant applications, and our skill to deploy AI infrastructure for corporations.”
KIP says the SME financing initiative was once simplest slated for graduation at a later date. Libra launched and crashed earlier than the platform undertook any discussions relating to Mission Viva La Libertad.
So did KIP bask in anything else to develop with the token open? No, per the assertion.
“We bask in been no longer told upfront of the token sale date or time. We did no longer promote the acquisition of the token whatsoever earlier than or after the open.”
Despite posting about LIBRA on X, KIP maintains they’d nothing to develop with the open. The team did no longer moreover earnings from the token and never one in every of the wallets that bought tokens or held them belong to KIP.
Libra’s token open, ostensibly by Hayden Davis or Kelsier Ventures, seen unsuspecting victims lose millions of bucks because the token’s label crashed.
