Jupiter exchange took place on X to clarify its stance following market turbulence and allegations of insider trading.
On February 17, decentralized exchange Jupiter, operating within the Solana ecosystem, addressed speculation regarding its involvement in the issuance of the LIBRA token, which was rumoured to be linked to Argentine President Javier Milei.
| Key Takeaways: – Jupiter exchange clarified that it had no prior knowledge of the LIBRA token launch and never received related compensation. – KIP Protocol stated that Kelsier Ventures and Hayden Davis were solely responsible for LIBRA’s issuance. – Davis claimed multiple projects, including Jupiter, profited from LIBRA’s launch. |
Jupiter exchange took place on X to clarify its stance following market turbulence and allegations of insider trading.
According to Jupiter, some of its members initially heard from Kelsier Ventures about a potential LIBRA token project connected to Milei. While they were sceptical, supporting evidence later appeared on Milei’s X account.
Despite the circulating rumors within the meme coin community, Jupiter exchange maintained its confidentiality policy and refrained from disclosing any information before the official release. It also stated that it never received LIBRA tokens or any related compensation.
Jupiter CEO Meow only became aware of the launch on the day of its release but did not have details on the contract address or exact timing.
Meteora co-founder Ben Chow learned the contract address minutes before the launch and relayed it to the Jupiter team after it became publicly available. The exchange emphasized that the contract address was not verified in advance and that official confirmation from Milei’s X account was awaited.
The LIBRA token experienced a sharp decline post-launch, sparking accusations of market manipulation. Some traders speculated that Jupiter exchange had prior knowledge and leveraged it for gains, a claim it denies.
The situation escalated further when KIP Protocol released a statement on February 16, distancing itself from the LIBRA project. It stated that Kelsier Ventures and project initiator Hayden Davis were solely responsible for the issuance and market-making of LIBRA tokens. KIP Protocol clarified that it was only involved in managing the selection of technology projects post-launch.
Davis later released a three-minute video alleging that multiple projects, including Photon, Bullex, Meteora, Jupiter, and Moonshot, had profited from the LIBRA issuance. Following the video’s virality, several projects issued statements denying involvement and pledged to provide further clarity. Davis also committed to releasing more details in future updates.
According to The Associated Press, Argentine lawyers accused President Milei of marketing LIBRA tokens on social media and filed fraud accusations against him in a criminal court. The plaintiff notes that Milei’s actions were a key factor in the incident, which they believe to be a “rug pull” operation in the cryptocurrency realm.
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