Argentine President Javier Milei is facing impeachment after the cryptocurrency he endorsed called $LIBRA crashed hard, wiping out US$4.4 B in investor funds. On 16 Feb 2025, the Office of the Presidency of the Argentine Republic released a statement where in it named KIP Protocol, a decentralized platform that allows AI creators to securely monetize and transact AI data, applications, and models, as the initiator of the idea of $LIBRA.
However, KIP Protocol is now completely denying any involvement in the whole thing in an official response in the form of a Twitter post, regarding President Javier Milei and the Government of Argentina’s allegations regarding the $LIBRA token incident.
“KIP Protocol is not in the business of helping organizations launch tokens. We are a technical AI solutions company focused on deploying AI infrastructure, it is what our business centers around and it would be unusual to be pitching anything else,” its statement said.
Also,
“KIP had no business dealings with Hayden Mark Davis (“Davis”) before this. Hayden Davis is the CEO of Kelsei Ventures, who has publicly admitted liability for handling the Libra token during its collapse both in an official statement and a recent interview. At no time did Mr Peh or any other employee of KIP Protocol make any representations about Davis being a partner of KIP or any other representations about Davis. At no time was Davis an employee or representative of KIP Protocol. KIP did not initiate the project, it did not manage or direct the token launch process, and it did not receive any tokens pre or post launch, and it did not profit from the token launch.”
And
“As stated above, the only time that Mr Peh or any other representative of KIP Protocol had met President Milei was on 19 October 2024. There was no mention or discussion of the Project at that meeting. KIP Protocol was not part of any meeting with President Milei on 30 January 2025.”
According to KIP, they didn’t initiate, manage, or profit from the $LIBRA token launch and had no information about when the token went live. It remains to be seen how the Argentine government and the other players respond to this development.
