This morning, Argentine President Javier Milei suddenly posted on Twitter and Instagram to promote the meme coin $LIBRA. He then deleted the post and posted to distance himself from the coin. The meme coin's market cap has also evaporated from $4.6 billion to $200 million, and the KIP protocol has come forward to admit that they were the ones behind it, but the crypto traders who lost money will not let them off the hook. The KIP team has now been doxed, and the law firm Burwick Law, which previously sued Pump.fun, has also asked victims to contact the firm for assistance.
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ToggleTeam or targeting on-chain degens and intellectuals
According to community analysis, Javier Milei did not choose to issue coins under his own name, but instead chose $LIBRA to represent libertarianism. Many people who understand this detail may have invested a large amount of funds, so this incident may be targeting intellectuals. In addition, the issuers took advantage of the recent update to the Moonshot mechanism update, which made listing on Moonshot a registration process rather than a review. During the TRUMP coin era, KOL 0xSUN chose to heavily position himself from the Moonshot open listing, so the team also seems to be targeting on-chain degens.
Subsequently, Javier posted: "A few hours ago, I posted a tweet, just like I've done many times before, supporting a so-called private company, but it's clear I have no relationship with that company. I didn't understand the details of the project, and after understanding it, I decided not to continue spreading the news (which is why I deleted the tweet)."
Reaping the harvest and awarding themselves? KIP Protocol admits to issuing coins
KIP Protocol stated: "Today is the ambitious launch day of the Viva la Libertad project, which aims to help private enterprises in Argentina, and the $LIBRA currency has been successful. We want to thank everyone for their trust and support. Regarding all the questions: we want to clarify that this is a private enterprise project, and President Milei, past and present, has not been involved in the development of this project, as he himself mentioned. This is a completely private enterprise. Thank you for being a part of this great beginning!"
For the community, this is no different from reaping the harvest and awarding themselves, but this KIP Protocol is actually a legitimate financing protocol that has received support from VCs like Animoca Brands and DWF Labs. Solayer team member shoucccc posted that he lost over $2 million trading the token, and publicly released the team member information.
The KIP founder does not believe it is a rug, and the law firm steps in to protect rights
KIP founder Julian stated that this is not a rug incident, to which @shoucccc publicly challenged Julian to a fight in Singapore.
The law firm Burwick Law, which previously sued Pump.fun, stated: "If you have suffered financial losses on $LIBRA, please contact Burwick Law to understand your legal rights. Our firm represents thousands of clients hoping to recover their crypto losses." However, the law firm also clarified that this is just an advertisement, and the actual results may vary.
The author recalls that previously when the President of the Central African Republic issued coins, KOL Dayu claimed that the entire crypto community should support the president's coin issuance. This seemingly sincere or sarcastic remark now seems utterly ridiculous.
KIP team members face public scrutiny in Twitter Space
https://x.com/kipprotocol/status/1890673789928722439
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