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- The company did not initiate, manage, or participate in the Libra token launch or Project Viva La Libertad.
- Despite denying involvement, a previous X.com post from KIP Protocol appeared to celebrate the launch, which the company later attributed to a request from a third party.
- KIP Protocol claimed it did not profit from the token launch, received no tokens or payments, and had no ongoing relationship with Argentine President Javier Milei.
KIP Protocol has posted a public disavowal of the Libra cryptocurrency that has just been released, discrediting accusations that it had been a part of the project’s development and management. The company had explained that it had not been working on the token’s launching and had not been managing any activities associated with it in a public announcement posted on Monday.
The response comes amid rampant speculation regarding KIP’s participation with the Libra token, which has drastically depreciated in price after entering the world. Even with KIP’s definitive denial of any participation, the company’s previous social media message had appeared celebratory of the token’s emergence and has contributed further speculation regarding its stand.
KIP Protocol Clarifies Its Role
In the press release that appeared on the site of X.com, KIP Protocol claimed that it had not been involved with the token’s launching and with the project that came with it of “Project Viva La Libertad.” The message claimed that it had not initiated the Libra project and Project Viva La Libertad.
The firm also alleged it had turned into a “convenient party” once the token’s fortunes waned and that it had been unfairly linked with the project. KIP also claimed that it had been approached with an offer of help with a financing program that benefited Argentinian small and medium enterprise firms on the 13th of February, the eve of the token’s launching, and had not contributed to the development of the token.
Prior X.com Post Sparks Confusion
Despite KIP Protocol’s firm denial, a post on its official X.com account on the day of the token’s launch appeared to support the project. The post read, “Today was the launch of the ambitious Viva la Libertad project to help private enterprises in Argentina, and the $LIBRA currency has been a success. We want to thank everyone for their trust and support.”
This message has raised questions about KIP’s true level of involvement, particularly given its latest statement denying participation. Addressing the inconsistency, KIP stated that Tech Forum representative Mauricio Novelli had asked it to post in support of the initiative.
The company explained that, at the time, it believed the project aligned with broader economic goals and was encouraged by prior endorsements, including from Argentine President Javier Milei.
No Financial Benefit or Political Ties, KIP Claims on Libra
KIP Protocol also renounced the economic and political aspect of the Libra project and asserted that it didn’t profit at all from the token sale and didn’t get any tokens or compensation. The company also renounced any prior and existing relationship with President Milei except that they had a singular encounter on October 19, 2024.
While KIP’s press statement does seek to place a clear distance between it and the Libra project’s launch date, the confused messaging on social media has placed a few commentators in a state of suspicion. While the fiasco unfolds, the question of who actually authorized the project’s launching and whether KIP’s initial euphoria was a misunderstanding or a behind-the-scenes involvement with the project has not been explained.
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