KIP Protocol denies role in LIBRA launch, calls itself ‘convenient cover’

KIP Protocol, a web3 firm associated with the scandal token, distanced from the token launch, stating it had no role in initiating or managing the project.

The controversy over a token promoted by Argentinian President Javier Milei, which has plunged 95%, continues as a web3 firm cited by a key sniper claims it was used as a “convenient party to provide cover for others who initiated and managed the token launch.”

The firm in question, KIP Protocol, denied any role in launching Project Viva La Libertad (and affiliated Libra token). In an X statement on Feb. 24, KIP said it was invited on mid-February to help manage financing for Argentinian small and medium enterprises but had no part in the token’s creation or promotion.

“The launch was initiated and managed by Hayden Davis / Kelsier by his own admission, with no involvement from KIP,” the firm said, adding that it was unaware of the token’s sale date and did not receive any tokens or payments.

KIP also said it was asked to post about the project on X after the token launched. At the time, Milei’s original endorsement was still live, leading to its “continued confidence in the project’s larger objectives.”

The firm emphasized that it has no prior or ongoing relationship with Milei, aside from a brief meeting in October 2024. It also stated that none of the wallets involved in the Libra launch belong to KIP, and emphasized that it “did not receive any tokens or payments” from the token launch.

Shortly after Libra crashed 95%, YouTuber Stephen Findeisen, known as Coffeezilla, interviewed Hayden Davis, a key figure behind Libra. Davis, in his turn, alleged that Tech Forum Argentina’s Mauricio Novelli, Manuel Godoy, and KIP Protocol were key figures in the project.

While Coffeezilla identified Davis as one of Libra’s “big four” creators, Davis claimed he was only a “facilitator” and not the deployer or team member. However, he later admitted holding $100 million tied to the project, calling it “leverage with certain groups and parties.” Addressing Libra’s (LIBRA) collapse and meme coins in general, Davis suggested retail investors should study their “fucking ass off,” describing the meme coin market as an “unregulated casino.”