Argentine President relaunched coin LIBRA: a carefully planned eyewash, the team behind it exposed, well-known law firms willing to provide legal assistance

This morning, Argentinian President Javier Milei suddenly promoted meme coin $LIBRA on Twitter and Instagram. He later deleted the post and distanced himself from the coin. The market capitalization of meme coin also plummeted from 4.6 billion pesos to 200 million US dollars, with the protocol named KIP admitting to being the mastermind behind it. However, the speculative coin traders who lost money will certainly not let them off the hook. The KIP team has been exposed, and the law firm Burwick Law, which previously sued Pump.fun, is asking victims to contact them for assistance.

Team targeting on-chain degen and intellectuals

Community analysis, Javier Milei chooses not to issue coins under his real name, opting for $LIBRA to represent liberalism. Many people who understand this detail may invest a large amount of capital, making this incident potentially targeted at intellectuals. In addition, the issuer of the coin has taken advantage of the mechanism update from the recent Moonshot, which has transformed the coin launch from a review-based to a registration-based Moonshot. During the TRUMP coin era, KOL 0xSUN chose to heavily invest in the coin trading of Moonshot's openness, which also indicates that the team is targeting on-chain degens.

Later, Javier posted, "A few hours ago, I tweeted in support of a so-called private enterprise, as I have done many times before, but it's clear that I have no connection with the enterprise. I don't understand the details of the project, and after learning about it, I decided not to continue spreading the message (That's why I deleted the tweet )."

Awarding yourself for cutting leeks? KIP Protocol admits to issuing coins

KIP Protocol posted: "Today is the ambitious launch day of the Viva la Libertad project, which aims to help private enterprises in Argentina, and $LIBRA coin has been successful. We want to thank everyone for their trust and support. Regarding all questions: We would like to clarify that this is a private enterprise project, and President Mile has not been involved in the development of the project in the past or present, as he himself mentioned. This is a completely private enterprise. Thank you for being a part of this great beginning!"

For the community, this move is no different from cutting leeks and awarding themselves. In fact, this KIP Protocol has received legitimate VC support from Animoca Brands, DWF Labs, and other VC-backed funding protocols. Solayer team member shoucccc posted that he lost over 2 million euros by trading the representative coin, and publicly disclosed the team member's information.

KIP founder does not believe it is a rug, law firm intervenes for rights protection

KIP founder Julian said this is not a rug event, while @shoucccc directly challenged Julian publicly to a showdown in Singapore.

Burwick Law, the law firm that previously filed a lawsuit against Pump.fun, stated: 'If you have suffered financial losses on $LIBRA, please contact Burwick Law to understand your legal rights. Our firm represents thousands of clients who hope to recover losses from cryptocurrency coins.' However, the law firm also clarified that this is just an advertisement and actual results may vary.

The author recalls when the former president of the Central African Republic issued coins, KOL Dayu boldly stated that everyone in the coin circle should support the president in issuing coins. Whether this statement was truly foolish or a hoax, it now seems both laughable and ridiculous.

This article reviews the Argentine President's launch of coin LIBRA: a carefully planned scam, the exposed team behind it, and well-known law firms willing to provide legal assistance. Originally appeared on Chain News ABMedia.