- KIP Protocol says it didn’t begin or release Libra.
- The undertaking didn’t additionally benefit whatsoever from the release, regardless of being ‘misled’ to submit about token.
- Libra, additionally promoted by way of Argentina President Javier Milei on X, crashed quickly after release.
KIP Protocol, the web3 layer for AI on Base, has denied allegations that it had a task within the release of Libra, the cryptocurrency that grew to become out to be a significant scandal within the area.
On Monday, the KIP Protocol crew printed a remark that it mentioned clarified the details across the LIBRA token release.
“We acknowledge the hurt that the $LIBRA state of affairs has brought about many buyers, our shoppers and to the broader crypto neighborhood. Like many, we’ve got been surprised by way of the hot occasions and need to explain details relating to KIP Protocol’s function within the tournament,” the platform posted on X.
KIP Protocol’s remark indexed 5 key issues associated with the Libra undertaking.
It additionally highlights the endorsement by way of Argentina president Javier Milei, a indisputable fact that best noticed shops undergo as the associated fee crashed in a while later on.
The occasions even noticed an investigation introduced in Argentina, whilst business observers pointed to the hurt to retail buyers.
One of the most platforms to get criticized used to be the KIP Protocol.
What has the undertaking mentioned about Libra?
In its remark, the KIP Protocol crew has denied reviews that it initiated the undertaking.
“KIP didn’t begin the Libra undertaking, or Mission Viva Los angeles Libertad. We didn’t direct any process nor did we take part in any discussions in regards to the token release. We’re an early-stage AI corporate that was a handy birthday celebration to offer quilt for different events who initiated and controlled the token release,” the remark reads partly.
The submit on X additionally highlighted 4 different issues. It comprises the statement that the undertaking didn’t create or approve the site for Mission Viva Los angeles Libertad. Moderately, KIP had an invitation that sought its help within the control of a financing initiative centered for Argentinian small and medium enterprises, or SMEs.
1/ How $LIBRA used to be created by way of the similar crew in the back of MELANIA and different short-lived cash
That includes new onchain proof
A thread with Coffeezilla 🧵 ↓ %.twitter.com/gNwj97KapF
— Bubblemaps (@bubblemaps) February 17, 2025
In step with KIP, the “invitation used to be made by way of Mauricio Novelli best on 13 February 2025, in response to our previous enjoy in working grant methods, and our skill to deploy AI infrastructure for corporations.”
KIP says the SME financing initiative used to be best slated for graduation at a later date. Libra introduced and crashed earlier than the platform undertook any discussions relating to Mission Viva Los angeles Libertad.
So did KIP have anything else to do with the token release? No, in keeping with the remark.
“We weren’t knowledgeable prematurely of the token sale date or time. We didn’t advertise the acquisition of the token whatsoever earlier than or after the release.”
Regardless of posting about LIBRA on X, KIP maintains that they had not anything to do with the release. The crew didn’t additionally take advantage of the token and not one of the wallets that won tokens or held them belong to KIP.
Libra’s token release, ostensibly by way of Hayden Davis or Kelsier Ventures, noticed unsuspecting sufferers lose thousands and thousands of bucks because the token’s value crashed.