The Argentine president distanced himself from the Libra token & said that he was not aware of the vision of the Libra token project team. The insiders successfully cashed out more than $100 million for this token.
Summary
- The Argentine president announced his support for the Libra token, but hours later, he refused to support it.
- KIP Protocol first claimed that it is the team behind the Libra token.
- Post controversy, the KIP Protocol team said financially it was not involved.
- With this token launch, Kelsier Ventures generates $100 million in profit.
- The project team agreed to reinvest $100 million in this token.
$Libra Token Introduction
$Libra token is a meme token backed by the KIP protocol. This project team is backed by Animoca Ventures in Hong Kong & also an official AI partner of Animoca’s Open Campus project. As per claims, all the financial transactions & launch of this token-related work were done by Kelsier Ventures.
First Appearance of Libra Token
The first time the crypto community came to know about this token by the Argentine president Javier Milei but within a few hours, he deleted his tweet by saying that he was not aware of the token’s vision & also said that he had nothing to do with the backend project team, he was only looking for a better crypto project to help the Argentine private enterprises.
KIP Protocol on Libra Token Connection With Argentine President
Following the second tweet by the Argentine president, the KIP Protocol team responded to the allegations of a link between the Argentine president & Libra token and said that the president has nothing to do with the Libra token. They also stated that they’re aiming to help private Argentine enterprises with the help of Libra tokens.
Libra Token Scam
On-chain, investigations showed that Libra token’s majority of the supply was in the hands of 8 crypto addresses.
Eight wallets associated with the LIBRA team obtained 57.6 million USDC and 249,671 SOL (about 49.7 million US dollars) by adding liquidity, removing liquidity and collecting fees, with a total cash out of about 107 million US dollars.
Following these developments, the trade price of the Libra token crashed by 85% in no time and resulted in huge losses for the investors.
Imk.fun’s on-chain investigation showed that at least 24 crypto addresses lost more than $1 million on LIBRA, while 61 addresses faced a loss of more than $500,000. The largest loss address spent $5.6 million to buy LIBRA tokens but sold all of them for only $430,000, which means that Investor faced a net of $5.17 million.
KIP Protocol’s Clarification on This Incident
The KIP Protocol team published new information regarding all these developments and said that media reports are spreading false information regarding the Libra token.
They stated that an unexpected decision by the Argentine president resulted in some unexpected outcomes.
First of all, the KIP protocol team clarified that the KIP protocol was not involved in the launch of tokens; all launch & token transaction-related work was done by Kelsier Ventures.
However, KIP Protocol distanced itself from any kind of unethical misconduct but ensured that they talked with Keisier Ventures, and they agreed that they would re-invest up to $100 million in this token.
Individuals Behind Libra Token Scam
Fuzzland co-founder Chaofan Shou shared his on-chain investigation and noted that the Libra token market maker was directly linked to Arunkumar Sugadevan and another Indian serial rugger.
More deep analysis showed that they are also insiders of $MELANIA and $ENRON meme tokens, as well as the dev of OG FUN.
He also said that the founder of one of the largest Solana protocols is going to jail, who is currently in Singapore. Furthermore, he urged the top centralised crypto exchange, Binance, Kraken to freeze the funds.
Read also: OKX & Bitget to Launch Highly Controversial Crypto Token $PI
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