The KIP Protocol works as a Web3 provider of AI payment services and confirmed its technical contributions to Libertad when Argentine President Javier Milei championed the project. Shortly after its release LIBRA suffered a major price drop when its value dropped by 95%.
On Feb.15 X Space Julian Peh clarified his company served as technical aid to deliver funds to Argentine businesses while staying removed from LIBRA token creation and promotion. The KIP Protocol team refused to market LIBRA tokens during its launch and did not earn profits from sales.
Kobeissi Questions LIBRA Legitimacy
Despite this he did not give information about other companies participating in LIBRA’s launch. During the LIBRA issue Peh stated KIP Protocol’s dedication to keep Project Libertad running to assist small businesses in Argentina. Members of President Milei’s official X platform first noticed the token when he shared his support for it as an economic booster in a deleted post.
Milei’s account received the endorsement for a few hours which prompted people to wonder if his account was hacked. Other Argentine politicians backed the project which strengthened the public’s trust in it. Soon after he disclosed that he knew familiar with the details of the initiative.
A closer look from market analyst Kobeissi Letter showed that project owners made money requests through an ordinary Google Form on their main website. Legitimacy problems surround the project because its domain registration lasted only one year and the website went online just before launch.
Blockchain analytics organization Bubblemaps revealed multiple problems after seeing that a single wallet holds 50% of the total LIBRA supply plus 82% of unfrozen tokens available for purchase. LIBRA lacks safety measures that would stop its tokens from being rapidly sold because the tokens remain unlocked unlike TRUMP memecoin.
People questions emerge about cryptocurrency projects based on how much power political figures have over them. This new debate aligns with past talks to reduce risks and address possible unethical actions.
