KIP Protocol has rejected claims of involvement in the creation and launch of the meme token LIBRA. The project was allegedly launched by third parties, including Hayden Davis, CEO of Kelsier Ventures, who admitted to organizing it. KIP maintains they gained no profit from LIBRA.

According to a statement, KIP Protocol recognizes the harm caused to investors and the crypto community by the LIBRA situation. The company denies ownership of the corresponding website domain.

KIP Protocol was invited to participate in a project led by Mauricio Novelli, aimed at supporting SMEs in Argentina. However, at LIBRA's launch, no related activities were underway.

Novelli later suggested KIP promote LIBRA on social media, which they considered due to Argentine President Javier Milei's endorsement. Nevertheless, KIP asserts their interaction with Milei was limited to a single event and did not involve LIBRA discussions.

KIP Protocol is willing to cooperate with authorities to clarify the situation and defend its reputation against any unfounded accusations.

Notably, analysts linked LIBRA with Melania Trump's token. Additionally, some investors have suffered significant losses, with reported total losses of $251 million among LIBRA traders.