The KIP protocol states that Libra did not start or start.
The project never made a profit from the launch despite being “misunderstood” about the token.
Libra was promoted by Argentine President Javier Milei on X and crashed shortly after its release.
Base’s AI Web3 layer, KIP Protocol, has denied allegations that it plays a role in launching Libra. This is a cryptocurrency that has proven to be a major scandal in this space.
On Monday, the KIP Protocol team issued a statement saying it had clarified the facts regarding the launch of the Libra Token.
“We recognize the harm that the $Libra situation has caused many investors, customers and the wider crypto community. Like many, we have been shocked by recent events. We want to clarify the facts regarding the role of KIP protocols in events,” the platform posted on X.
The KIP Protocol statement lists five key points related to the Libra project.
It also highlights the approval by Argentine President Javier Mailey.
The event launched a survey in Argentina, but industry observers pointed to harm retail investors.
One platform that was criticised was the KIP protocol.
What did the project say about Libra?
In a statement, the KIP Protocol team declined to report that the project had begun.
“KIP did not launch the Libra project, or Project Viva La Libertad. We did not direct activities or participated in discussions about launching tokens. We are an early stage AI company. “It has become a convenient party to cover other parties that have started and managed to launch tokens,” the statement reads in part.
The X post also highlighted four other points. This includes claims that the project did not create or approve the Project Viva La Libertad website. Rather, KIP had an invitation to help manage funding initiatives aimed at small and medium-sized businesses in Argentine, or small businesses.
1/How $libra was created by the same team behind Melania and other short-lived coins
Features new on-chain evidence
coffeyzilla’s thread 🧵↓pic.twitter.com/gnwj97kapf
– Bubblemaps (@bubblemaps) February 17, 2025
According to KIP, “The invitation was made only by Mauricio Novelli on February 13, 2025. This was his past experience in running the grant program and his ability to deploy AI infrastructure for businesses. It is based on.
According to KIP, the SME Financing Initiative was only scheduled to start at a later date. Libra crashed after the platform was launched before they had a discussion about the Project Viva La Libertad.
So, did KIP have something to do with the release of tokens? No, according to the statement.
“We were not notified prior to the date or time of the token sale. We did not promote token purchases before and after launch.”
Despite posting on X about Libra, KIP claims it has nothing to do with the release. The team also didn’t benefit from the tokens, and they didn’t receive tokens or have no wallets belonging to Kip.
The launch of Libra tokens by Hayden Davis or Kelsier ventures, on the surface, saw unsuspecting victims lose millions of dollars as the token prices crash.
