Jupiter Exchange has made it clear that it had nothing to do with the sudden crash of the LIBRA token. They say they weren’t involved in its launch, trading, or fundraising in any way.
The LIBRA token, which was believed to be connected to Argentine President Javier Milei, saw a steep drop soon after its launch. This led to speculation and accusations of insider trading and market manipulation. Some traders speculated that Jupiter had prior knowledge of LIBRA’s launch and had used this information to its advantage.
Jupiter took to X (formerly Twitter) to put the rumors to rest. The platform admitted that a few team members had heard about a potential token linked to Milei about two weeks before its launch. However, they emphasized that they had no concrete details about the launch timeline or specifics.
The exchange explained that it first came across the LIBRA project through Kelsier Ventures but had no hand in the token’s creation, funding, or distribution.
To address the accusations, Jupiter launched an internal probe, which found no evidence of team members engaging in insider trading. The company also invited the community to present any proof, assuring strict action if any wrongdoing was discovered.
Jupiter explained that LIBRA was added to its Strict List, only after it hit a market cap of $1.5 billion. The verification was purely to protect traders from buying scam tokens and not an endorsement of LIBRA itself.
CEO Meow, who was reportedly in Tokyo and asleep when LIBRA went live, also confirmed that he had no prior knowledge of the token’s contract address or launch timing.
The LIBRA fuss has re-raised issues surrounding memecoins, and Jupiter noted the frenzy that many such launches attract. The exchange said that sniping, bundling, and other predatory trading strategies are damaging the crypto ecosystem.
Jupiter has so far assured users that it is focused on finding solutions to make the trading environment safer and more trustworthy.
The LIBRA token’s price is currently down by 25%, valued at $0.3286, with a market cap of $84.28 million and 24-hour trading volume values at $24.25 million, dropping by 85.86%.
Also Read: Argentina Opposition Threatens to remove President After Libra token scam
