KIP Protocol: The raised SOL will support Argentina business interpretation

Argentine President Javier Milei briefly posted a tweet on social media platform X to promote the token $LIBRA (Vivala Libertad project token), which triggered a brief panic purchase in the market. The price of $LIBRA soared in a short period of time, and its market value once exceeded US$4.62 billion, ranking among the top 33 cryptocurrencies.

However, Milei quickly deleted the tweet and stated that it had nothing to do with the project, and the KIP Protocol team immediately issued a statement denied that it had any connection with Milei. This move caused the $LIBRA price to plummet by 50% in 15 minutes, and the final drop was close to 95%, causing investors to question whether it was a "running scam".

Solayer founder suffered heavy losses

Chaofan Shou, founder of Solana Ecological Project Solayer, publicly stated that he and his team members lost more than $2 million in the $LIBRA project and released the list of core members of KIP Protocol. He expressed strong dissatisfaction and tried to disclose information about KIP Protocol team members (the related tweets have been deleted due to violations).

KIP Protocol responds to questions

KIP Protocol co-founder Julian responded that the Solayer team was inappropriate and denied that $LIBRA was a "running scam." He emphasized that the project received a lot of support when it started, and losses do not equal fraud.

KIP Protocol: Funds are used to support Argentine enterprises

Julian further explained that $LIBRA is intended to support small businesses in Argentina and local economic development, with all funds remaining on-chain and not misappropriated. He pointed out that $LIBRA has not been pre-sale, and the tokens are only sold through a unilateral liquidity pool, and all funds raised will be used for the Vivala Libertad project. He also stressed that the KIP Protocol team did not profit from $LIBRA, but there were problems with the communication method.

Animoca Brands denies participation

Animoca Brands also issued a statement denied any association with the $LIBRA project and clarified that its investment in KIP Protocol has nothing to do with $LIBRA.

Although KIP Protocol denied profitability, on-chain data showed that the $LIBRA team had cashed out more than $100 million, aggravated market suspicion of its fraud. The Solayer team is still pursuing members of KIP Protocol and says they will be held accountable. This incident once again reminds investors that Meme coins have extremely high investment risks.

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