• The KIP protocol states that Libra didn’t begin or begin.
• The undertaking by no means made a revenue from the launch regardless of being “misunderstood” in regards to the token.
• Libra was promoted by Argentine President Javier Milei on X and crashed shortly after its launch.

Base’s AI Web3 layer, KIP Protocol, has denied allegations that it performs a task in launching Libra. This can be a cryptocurrency that has confirmed to be a serious scandal on this house.

On Monday, the KIP Protocol crew issued an announcement saying it had clarified the info relating to the launch of the Libra Token.

“We acknowledge the hurt that the $Libra state of affairs has brought on many buyers, clients and the broader crypto group. Like many, we’ve been shocked by latest occasions. We need to make clear the info relating to the function of KIP protocols in occasions,” the platform posted on X.

The KIP Protocol assertion lists 5 key factors associated to the Libra undertaking.

It additionally highlights the approval by Argentine President Javier Mailey.

The occasion launched a survey in Argentina, however trade observers pointed to hurt retail buyers.

One platform that was criticised was the KIP protocol.

What did the undertaking say about Libra?

In an announcement, the KIP Protocol crew declined to report that the undertaking had begun.

“KIP didn’t launch the Libra undertaking, or Venture Viva La Libertad. We didn’t direct actions or participated in discussions about launching tokens. We’re an early stage AI firm. “It has change into a handy get together to cowl different events which have began and managed to launch tokens,” the assertion reads partly.

The X publish additionally highlighted 4 different factors. This contains claims that the undertaking didn’t create or approve the Venture Viva La Libertad web site. Slightly, KIP had an invite to assist handle funding initiatives geared toward small and medium-sized companies in Argentine, or small companies.

1/How $ libra Created by the identical crew behind Melania and different short-lived cash

Options new on-chain proof

coffeezilla thread 🧵↓ pic.twitter.com/gnwj97kapf

– Bubblemaps (@bubblemaps) February 17, 2025

In accordance with KIP, “The invitation was made solely by Mauricio Novelli on February 13, 2025. This was his previous expertise in working the grant program and his capability to deploy AI infrastructure for companies. It’s primarily based on.

In accordance with KIP, the SME Financing Initiative was solely scheduled to begin at a later date. Libra crashed after the platform was launched earlier than they’d a dialogue in regards to the Venture Viva La Libertad.

So, did KIP have one thing to do with the discharge of tokens? No, in response to the assertion.

“We weren’t notified previous to the date or time of the token sale. We didn’t promote token purchases earlier than and after launch.”

Regardless of posting on X about Libra, KIP claims it has nothing to do with the discharge. The crew additionally did not profit from the tokens, they usually did not obtain tokens or don’t have any wallets belonging to Kip.

The launch of Libra tokens by Hayden Davis or Kelsier ventures, on the floor, noticed unsuspecting victims lose tens of millions of {dollars} because the token costs crash.