KIP Protocol, a Web3 company specializing in AI payment infrastructure, announced its role in the Libertad project promoted by Argentine President Javier Milei, which involved the LIBRA token that plummeted by over 95% shortly after launch. During a recent discussion, CEO Julian Peh stated that KIP Protocol was contracted as a tech consultancy to help disburse project funds to local businesses in Argentina. He clarified that the company did not act as a market maker nor profited from the token's sale. Despite initial investor skepticism regarding the project's legitimacy, heightened by a now-deleted promotional post from Milei, support from other politicians helped validate it. Critiques emerged as the project's website was suspected to have been created just hours before the token launch and featured a Google Form for business funding applications. Alarmingly, analytics suggested that half of the token's supply resided in a single wallet, raising concerns about potential sell-offs as a significant portion remained accessible. MetaMask issued a phishing warning for the project's site, increasing scrutiny over its operations.

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