Published on

Revealing the truth of the team behind the Libra memento

Authors

Why would an organization suddenly take responsibility after the price of the LIBRA token almost reached zero? This made the community feel strange, and naturally, expressed an angry attitude towards this organization.

At noon on February 15, KIP Protocol unexpectedly announced that it was the entity that issued the LIBRA token. It is a well-known web3 project in the field of AI, which won the 2023 Chainlink Hackathon and is backed by Animoca Ventures, Tribe Capital.

In a post on X, KIP Protocol affirmed that LIBRA is a private project, completely unrelated to the Argentine government, while stressing that President Javier Milei did not have any role in the development of this project.

However, this statement was immediately controversial as President Milei was the one who posted his support for LIBRA in the first place, causing the token to increase its capitalization to $6 billion in just a few hours before its collapse.

This raises the big question: If this is really a private project, why is there such public support from the head of state?

As soon as KIP Protocol was posted, the crypto community immediately reacted strongly, claiming that this was nothing more than an organized rug pull, as the project team only spoke out after the token lost more than 96% of its value.

What angered many investors was the way KIP Protocol claimed “LIBRA has succeeded”, while the price chart showed that the token was almost at zero, leaving many people speechless.

In addition, on-chain analysts point out that the team behind LIBRA has collected more than $107 million from pumping and withdrawing liquidity. According to data from Lookonchain, 8 wallets associated with the LIBRA development team made withdrawals immediately after the token peaked, earning:

 
  • USDC 57.6 Million
  • 249,671 SOL (worth $49.7 million)

These trades are executed through initial liquidity pumping tactics, then withdrawing liquidity and receiving transaction fees, the familiar pattern of well-orchestrated rug pulls.

BubbleMaps has previously warned that 82 percent of LIBRA's supply is in a single pool of wallets, indicating that the token has not had a fair distribution in the first place.

In light of these developments, the community questions whether President Javier Milei has inadvertently become a promoter of a private project, or whether he himself has been taken advantage of in a sophisticated pump & dump scheme.

The fact that a project backed by Animoca Ventures and Tribe Capital is involved in a memento with a shady liquidity model makes many suspect that this is not merely a memento project.

At the moment, there is no response from the President of Argentina following the KIP Protocol announcement, but the incident has become one of the biggest crypto dramas since the beginning of 2025.

The biggest question remains: Is this a real private project or just a sophisticated organized rug pull with the help of influencers?