Key Points:
- Jupiter officially denied involvement in LIBRA token issuance and fundraising activities.
- No evidence of insider trading or unauthorized token sniping by team members.
- Jupiter learned about LIBRA two weeks before launch with minimal information.
Jupiter has issued an official statement denying any involvement in the LIBRA token’s issuance or fundraising activities. The platform became aware of the token project two weeks before launch but had no detailed knowledge of its specifics.
Internal investigations found no evidence of team member misconduct or insider trading. Jupiter added LIBRA to its Strict List after it reached a $1.5 billion market cap, maintaining its commitment to transparency and compliance throughout the process.
Jupiter’s Official Statement on LIBRA Token Involvement
Jupiter has released an official statement regarding its involvement with the LIBRA token, asserting that it played no role in the token’s issuance or fundraising activities.
As per the recent statement, members of the team were aware of a potential token project associated with President Milei approximately two weeks prior to LIBRA’s launch, but they lacked knowledge about the detailed specifics or timeline of the project.
LIBRA was brutal. It was brutal for traders, brutal for FUD, and brutal for our ecosystem. In fact, many memecoins has been brutal for the ecosystem for a long time now with sniping, bundling and all becoming the norm.
Jupiter Exchange wrote in a post on X.
Furthermore, the exchange has initiated an investigation into allegations of insider trading related to the launch of its LIBRA token. The company conducted internal reviews to assess potential misconduct among its team members.
According to the findings, there was no evidence to support claims that employees leaked information or participated in token sniping activities.
Jupiter Integrates LIBRA Token After Reaching $1.5 Billion Market Cap
Jupiter verified and integrated the LIBRA token onto its exchange following a structured timeline. The verification process was contingent upon public confirmation from President Milei’s Twitter account, as well as the attainment of adequate trading volume.
Minutes before the official launch, Ben from Meteora received the contract address necessary for the verification process but did not disclose this information to Jupiter’s team until after the token’s public release.
Approximately one hour after launch, as LIBRA reached a market capitalization of approximately $1.5 billion, Jupiter added the token to its Strict List and assigned it a “Verified” tag.
President of Argentina’s Deleted Tweet Triggers $LIBRA Collapse: Millions Lost
On 14th Feb, Javier Milei, the President of Argentina, shared a post on X (formerly Twitter) about a cryptocurrency called $LIBRA, which he described as a coin designed to “encourage economic growth by funding small businesses and startups.”
However, just a few hours after posting, Milei deleted the tweet, leading to a sharp collapse in the value of the coin, according to Dexscreener. The sudden drop in value resulted in millions of dollars in losses for the brief investors who had purchased the coin.
The $LIBRA token was developed by KIP Protocol and Hayden Davis, and could be accessed by users through a link that led to a website called vivalalibertadproject.com.
The website’s name references the well-known slogan “Viva la libertad”, a phrase frequently used by Milei in his speeches and social media posts, further linking the coin to the Argentine president’s public persona.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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