Author: Weilin, PANews

It has been nearly 10 days since Argentine President Milei's farcical promotion of the LIBRA token on X platform, which he later deleted, but the truth behind the incident remains elusive. On February 15, when Milei deleted the LIBRA tweet, it triggered a sharp decline in the token's value, causing significant losses for many crypto users. At that time, KIP Protocol was identified as the initiator of the LIBRA token, accused of profiting through a rug pull. Despite KIP Protocol issuing a series of clarifications, it still remains in the shadow of the incident. As more information is traced and exposed, the true initiators of the token and market maker Kelsier Ventures gradually come to light.

After the incident, PANews reached out to KIP Protocol's CEO Julian Peh for an interview. Julian responded positively to the event, stating that KIP did not initiate the Libra project or Project Viva La Libertad, and that KIP was only invited to join the project on February 13, without profiting from it. The reason for posting related tweets after the LIBRA token launch was at the request of intermediaries and based on trust in President Milei's previously published X posts. KIP never controlled or led the project but was artificially pushed to the forefront, used as a cover for other individuals. These clarifications present more details about the incident and allow crypto users to gain a deeper understanding of the complex relationships involved.

Here is the full text of the interview:

PANews: When did KIP first have the idea and concept for the Viva la Libertad project? Who are the participants in this project, and what role does KIP play in it?

Julian Peh: First, I want to reiterate that this project was not initiated or conceptualized by KIP. We participated as an invited party. KIP Protocol did not initiate the Viva la Libertad project, nor did we manage or lead the $Libra token issuance process, nor did we receive any tokens before or after the issuance, nor did we profit from the token issuance. Whether it is the $Libra token project or the Viva la Libertad project, the KIP team was not involved. The project has been described by multiple parties as a "KIP Protocol project," with news reports stating "KIP is the issuer," "KIP is the project development team," "KIP is the operating team," which are completely false statements, distorting the facts and misleading the public. The release of these false facts has severely disrupted the public's judgment of the entire incident and has been very unfair to me and my team.

We were only informed and invited to participate in the Viva La Libertad project by Novelli on February 13, 2025, at which point we learned that Kelsier was already responsible for the token issuance related to the project. Prior to this, there had been no discussions between KIP and Kelsier Project Viva La Libertad or any related parties. We were explicitly told that we did not need to participate in any token-related activities, so KIP did not make any promotional tweets for Libra. The token issuance was entirely initiated, managed, and executed by Kelsier's CEO Hayden Davis, who acknowledged this fact in his interview with Coffeezilla.

PANews: If KIP is not the initiator, what is its role?

Julian Peh: On February 13, 2025, Mauricio Novelli introduced us to the concept of the project and informed us that Kelsier was already responsible for the project's operations. KIP's participation was to help advance the small business financing plan within the project and to provide infrastructure support for tech companies (including AI-related businesses). Our role was originally expected to formally begin after the token issuance phase managed by Kelsier concluded. We were never informed of the timing of the token issuance, nor were we told when our responsibilities would commence. KIP did not receive any tokens or fees, nor were we offered any tokens or fees, and we did not participate in any token issuance processes or manage any related wallets.

PANews: Why does KIP's name appear on the Viva La Libertad project website?

Julian Peh: The Viva La Libertad project website was not created by KIP, and we had not seen its content before it went live. KIP does not own or control the website. Mauricio Novelli told us that the website was operated by Kelsier, but we could not verify this. When we discovered that the website went live without our knowledge and used our brand, the token issuance had already begun, and President Milei had also posted a tweet supporting the project. Although we expressed concerns about the website's content being published without our review or approval, there was no time to modify or adjust the website before the token price began to plummet.

PANews: How did KIP establish contact with President Milei, and how many times did they meet? It was reported that on October 19, 2024, President Milei met with KIP Protocol's representative in Argentina, and you were present along with Mauricio Novelli, the founder of Argentina Techforum. What is the relationship between Mauricio Novelli and KIP, and what role did he play in this incident?

Julian Peh: First, the description in this question is inaccurate; KIP Protocol does not have a representative stationed in Argentina. Our company has no permanent office or staff in Argentina, nor have we commissioned any company or individual to act as our representative. To expand into the South American market, I spoke at the Argentina Techforum on October 19, 2024, as one of the main sponsors, and met with President Milei as the sole representative of KIP Protocol.

This was my only meeting with President Milei, and we were introduced by the forum's founder, Mauricio Novelli. President Milei was the last heavyweight speaker at the Argentina Techforum that day, and Novelli introduced me to President Milei as the representative of KIP Protocol.

Milei and I talked for about 30 minutes through a translator about AI, technology, and our desire to conduct more business in Argentina. The president discussed his economic philosophy. There was no mention of any token issuance or any specific initiatives. The Viva La Libertad project and Libra were not mentioned during this meeting on October 19, 2024.

KIP is a tech company focused on AI, and we were known at that time for our AI promotion and application plans. We do not engage in organizing token issuances. This was my only meeting with President Milei. Since then, neither I nor KIP has had any further contact with the president or his office.

PANews: What is your relationship with Mauricio Novelli?

Julian Peh: We first established contact with Novelli at the Tech Forum Argentina conference in October 2024. KIP was one of the main sponsors of the conference (ranked second on the sponsor list), and Novelli was one of the main organizers. KIP has never hired Novelli or his company as our representative, agent, or consultant.

On February 13, 2025, Novelli invited us to join the Viva La Libertad initiative. He informed us that the issuance of the $Libra token would be managed by Kelsier's Hayden Davis, and that KIP would not participate in any token-related activities. KIP's involvement was limited to subsequent small business financing plans and providing AI infrastructure for the tech companies supported in the initiative. As a company known for our AI promotion and application plans, we were asked if we would be willing to support this initiative, to which we agreed. KIP was not aware of the token issuance date or time in advance. KIP also did not promote the token in any way before its issuance.

PANews: According to the official statement from Argentina, the president met with Hayden Mark Davis (LIBRA token issuance advisor from Kelsier Ventures) at Casa Rosada on January 30, 2025. What is the relationship between Hayden Mark Davis and KIP? What is your relationship with Hayden Davis/Kelsier?

Julian Peh: During the Tech Forum Argentina 2024 in October, we met Hayden Davis at a sponsor luncheon through the introduction of forum organizers Mauricio Novelli and Manu Torrones Godoy. There was no in-depth communication between us, nor did we discuss any specific projects.

Before the token release, Hayden/Kelsier never mentioned the Libra token, the Viva La Libertad project, or any token-related projects to us. We had no communication with Hayden before the collapse of the Libra token price. After the token issuance and the resulting misunderstandings, I had to talk to Hayden to understand the specifics of the situation, which was our first contact. Hayden Davis has never taken instructions from KIP Protocol. Hayden Davis does not represent KIP Protocol. We have never introduced Hayden or Kelsier to anyone.

PANews: Why did KIP choose to collaborate with Kelsier Ventures as a market maker? Were you aware of their methods beforehand? Kelsier Ventures is also involved with outsourced Indian market makers and is connected to tokens like MELANIA, ENRON, BOB, RAG, etc. Were you aware of this background?

Julian Peh: There was no situation where KIP chose to collaborate with Kelsier Ventures in terms of timeline or workflow. At that time, my team and I were not aware of this and did not understand this background, as it is not within our business scope. We had not even had direct contact with Kelsier Ventures and Hayden Davis until the incident occurred.

PANews: Why did KIP issue supportive statements and claim it was not a scam (including Julian's personal responses in X Space)? If KIP is unrelated to the token issuance, why did you post support for Libra on X?

Julian Peh: On February 15, 2025, at 11:25 AM Beijing time, Mauricio Novelli requested us to post supportive content for the project on X. We tweeted at 11:36 AM, using English and Spanish content provided by Novelli. We did this based on trust in President Milei's previously published X post, which shared details about the project. We hoped for the project's success because we believed its stated goal—providing financial support to Argentine businesses—was a mission worth supporting. After we posted the tweet, President Milei deleted his initial related content on X. We were forced to claim the project and initially faced a lot of anger and attacks, unable to clarify.

PANews: Why did KIP CEO Julian Peh respond to numerous posts on X and host a Space after stating he was unrelated to the token issuance?

Julian Peh: After the token price collapsed, a lot of anger and emotions were directed at me, KIP, and its team. KIP team members, especially female members, received death threats and harassment, and even personal information was leaked. I decided to focus all attention in one place, so I responded to many posts and hosted a Space. At that time, I was unclear about what was happening because I could not contact Mauricio Novelli. Under pressure, I thought the most correct approach was to stand up and respond to protect myself and the team, but I did not have a clear understanding of the overall situation at that time. It was only hours later that we first contacted Hayden Davis.

PANews: Did you communicate with Milei before and after he deleted the tweet? Currently, President Milei and his opposition have launched an anti-corruption investigation into the Libra token issuance. Have these investigations affected KIP? How are you and the project responding?

Julian Peh: Aside from the meeting on October 19, we have never communicated with President Milei or his office. I believe President Milei cannot fully distinguish the relationship and differences between the $Libra token and the "Viva la Libertad" projects. He is also not fully aware of the various relationships and what services I and KIP Protocol provided at different stages. I hope President Milei can see our statement and understand the truth of the matter.

PANews: How will KIP rebuild community trust in the future and ensure that users' interests are fully protected?

Julian Peh: We are highly cooperative with any investigation that can clarify the truth. We won the Tencent Cloud Award at the Chainlink hackathon at the end of 2023, and KIP's products have always maintained cutting-edge technology in the industry. The team will actively focus on launching our long-developed new AI products. As a Singapore-based AI technology company, KIP Protocol is committed to enhancing development in the AI ecosystem.

PANews: In light of significant losses for many users, does KIP Protocol have any compensation strategies? It is said that some KOLs have already received compensation? (It is suspected that the founder of Barstool lost $5.34 million buying LIBRA and later received $5 million in compensation.)

Julian Peh: We deeply sympathize with users' experiences, but we are not responsible for the $LIBRA project; Kelsier Ventures is. We cannot interfere with or suggest compensation plans, and Kelsier Ventures has never taken instructions from KIP. Instead, I and KIP Protocol, as victims in this incident, were implicated before we even entered into substantive cooperation. We will seek compensation through legal means. At the same time, my team and I are doing everything we can to mitigate the damage this incident has caused to KIP's own projects and reduce the unwarranted losses suffered by our users.

PANews: KIP's investor Animoca Brands has also issued a clarification, stating they were unaware of the token issuance. Were any investment institutions aware of or involved in this token issuance event?

Julian Peh: KIP was not involved in the $Libra token issuance process at all, so it was impossible to notify any investment institutions.

PANews: Platforms like Jupiter and Meteora have been accused of profiting from Libra, but these projects have since denied it. Does KIP have any collaboration with these projects?

Julian Peh: Absolutely not. KIP Protocol is not a company that helps organize token issuances. This is not our business, and KIP does not need to interface with these platforms.

PANews: Do you think the current situation regarding Libra violates the original intention of the project? Will Libra continue to operate according to its original concept to support Argentina's economic development?

Julian Peh: As a victim of this incident rather than an initiator, we are unable to answer the above two questions. In this regard, we have lost our permanent reputation and suffered significant harm to our team.

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