Interview with KIP Protocol CEO: Joined $Libra two days before token launch, doesn't control funds but pushed to the forefront
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Interview with KIP Protocol CEO: Joined $Libra two days before token launch, doesn't control funds but pushed to the forefront
Unveiling the network of relationships behind the Libra project.
Navigating Web3 tides with focused insightsAuthor: Weilin, PANews
Nearly 10 days have passed since Argentine President Milei's farce of promoting and then deleting a post about the LIBRA token on X, yet the truth behind the incident remains unclear. When the event occurred on February 15, Milei's deletion of the LIBRA tweet triggered a sharp drop in the token’s price, causing significant losses for many crypto users. At the time, KIP Protocol was accused of being the initiator of the LIBRA token and profiting from a rug pull. Despite a series of clarification statements issued by KIP Protocol, it remained under suspicion. As more information has been uncovered and revealed, the actual token initiator and market maker, Kelsier Ventures, has gradually come to light.
After the incident, PANews conducted an interview with Julian Peh, CEO of KIP Protocol. Julian responded directly to the events, stating that KIP did not initiate the Libra project or Project Viva La Libertad. KIP was only invited to join the project on February 13 and did not profit from it. The reason related tweets were posted after the launch of LIBRA was at the request of an intermediary and based on trust in President Milei’s prior posts on X. KIP never controlled or led the project but was deliberately pushed to the forefront and used as cover for others. These clarifications reveal further details of the incident and allow crypto users to better understand the complex relationships involved.
Below is the full transcript of the interview:
PANews: When did KIP first get the idea or concept for the Viva la Libertad project? Who were the parties involved in this project, and what role did KIP play?
Julian Peh: First, I want to reiterate that the project was not initiated or conceptualized by KIP—we participated only as invitees. KIP Protocol did not initiate the Viva la Libertad project, nor did we manage or lead the $Libra token issuance process. We received no tokens before or after the token launch and did not profit from the issuance. Neither the $Libra token project nor the Viva la Libertad project involved actual participation by the KIP team. Descriptions of the project as a “KIP Protocol project,” news reports claiming “KIP is the issuer,” “KIP is the development team,” or “KIP is the operations team,” are completely false, distortive, and misleading to the public. These false narratives have seriously distorted public understanding of the entire incident and are profoundly unfair to me and my team.
We were notified and invited by Novelli to participate in the Viva La Libertad project on February 13, 2025, at which point we learned that Kelsier had already taken charge of 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 of its associated parties. We were explicitly told we did not need to participate in any token-related activities, so KIP did not publish any promotional tweets about Libra. The token issuance was entirely initiated, managed, and executed by Kelsier’s CEO Hayden Davis, who admitted this fact during his interview with Coffeezilla.
PANews: If KIP was not the initiator, what was 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 its operations. KIP’s involvement was intended to help advance the project’s small business financing initiative and provide infrastructure support for tech companies, including AI-related firms. Our role was expected to officially begin only after the token issuance phase handled by Kelsier concluded. We were never informed of the timing of the token issuance, nor when our portion of the work would commence. KIP received no tokens or fees, was not offered any tokens or compensation, did not participate in any aspect of the token issuance, and did not manage any related wallets.
PANews: Why did 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 prior to launch. KIP does not own or control the website. Mauricio Novelli told us the site was operated by Kelsier, but we were unable to verify this. When we discovered the website had gone live without our knowledge and was using our branding, the token issuance had already begun, and President Milei had already posted his supportive tweet. Although we expressed concern about the unreviewed and unauthorized content, there was no time to modify or adjust the website before the token price began to plummet.
PANews: How did KIP establish contact with Argentine President Milei, and how many times did you meet? It was reported that on October 19, 2024, President Milei met with KIP Protocol’s representative in Argentina, and both you and Mauricio Novelli, founder of Argentina Techforum, were present. What is the relationship between Mauricio Novelli and KIP, and what role did he play in this incident?
Julian Peh: First, the premise of this question is inaccurate—KIP Protocol does not have a position titled “representative in Argentina.” My company has no permanent offices or staff in Argentina and has not authorized any company or individual to represent us. To expand into the South American market, as one of the main sponsors of the “Argentina Tech Forum,” I delivered a speech at the forum on October 19, 2024, and met President Milei, who was also speaking, as the sole representative of KIP Protocol.
This was my only meeting with President Milei. The introduction was made by forum founder Mauricio Novelli, who presented me to President Milei as the representative of KIP Protocol. President Milei was the final keynote speaker at the “Argentina Tech Forum” (Argentina Techforum) that day.
I spoke with President Milei through a translator for about 30 minutes about AI, technology, and our desire to conduct more business in Argentina. The president discussed his economic philosophy. No mention was made of any token issuance or specific initiatives. The Viva La Libertad project and Libra were not mentioned at all during the October 19, 2024 meeting.
KIP is a technology company focused on AI, known at the time for our AI promotion and application plans. We do not engage in organizing token launches. This was my only encounter with President Milei. Since then, neither I nor KIP have had any further contact with the president or his office.
PANews: What is your relationship with Mauricio Novelli?
Julian Peh: We first connected with Novelli during the Tech Forum Argentina event 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 primary organizers. KIP has never hired Novelli or his company as our representative, agent, or advisor.
On February 13, 2025, Novelli invited us to join the Viva La Libertad initiative. He informed us that the $Libra token issuance would be handled by Hayden Davis of Kelsier, and that KIP would not be involved in any token-related activities. KIP’s involvement was limited solely to the subsequent small business financing program and providing AI infrastructure for the tech companies supported by the initiative. As a company known for our AI promotion and application programs, we were asked if we would support this initiative, and we agreed. KIP was unaware of the date or timing of the token issuance beforehand and did not promote it in any way prior to launch.
PANews: According to official Argentine statements, the president held a meeting with Hayden Mark Davis (LIBRA token issuance advisor at Kelsier Ventures) at the 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 Argentina Tech Forum 2024 in October 2024, we were introduced to Hayden Davis at a sponsor lunch hosted by the event organizers, Mauricio Novelli and Manu Torrones Godoy. There was no in-depth conversation, and no specific projects were discussed.
Prior to the token launch, Hayden / Kelsier never mentioned the Libra token, the Viva La Libertad project, or any token-related initiatives to us. We had no communication with Hayden before the Libra token price collapsed. Only after the token launch caused confusion did I have to speak with Hayden to understand what happened—this 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 the market maker? Were you familiar with their methods beforehand? Kelsier Ventures worked with an outsourced Indian market-making firm that was also linked to insider activity on tokens such as MELANIA (Trump’s wife), ENRON, BOB, and RAG. Were you aware of this background?
Julian Peh: Based on both timeline and workflow, there was no instance where KIP chose to collaborate with Kelsier Ventures. At the time, neither I nor my team were aware of this, nor did we know about these backgrounds. This is outside our business domain and scope of work. We never directly communicated with Kelsier Ventures or Hayden Davis until the incident occurred.
PANews: Why did KIP issue supportive statements and claim it was not a scam (including Julian’s personal replies and X Space)? If KIP had nothing to do with the token issuance, why post supportive content about Libra on X?
Julian Peh: At 11:25 AM Beijing time on February 15, Mauricio Novelli requested that we post supportive content about the project on X. We published the tweet at 11:36 AM, using English and Spanish text provided by Novelli. We did so because we trusted President Milei’s previously published X post, which shared details about the project. We wanted the project to succeed, believing its stated goal—providing financial support to Argentine businesses—was a worthy mission. After we posted, President Milei deleted his original post. We were then forced to take ownership of the project and initially bore intense anger and attacks without being able to clarify the situation.
PANews: After declaring no involvement in the token issuance, why did KIP CEO Julian Peh continue replying to numerous posts and host an X Space?
Julian Peh: After the token price crashed, a massive wave of anger and hostility targeted me, KIP, and our team. KIP team members, especially female members, received death threats and harassment, and some personal information was leaked. I decided to centralize all attention, so I replied to many posts and hosted an X Space. At the time, I didn’t fully understand what had happened because I couldn’t reach Mauricio Novelli. Under pressure, I believed the right thing to do was to speak up to protect myself and the team, even though I lacked a clear picture of the overall situation. It wasn’t until several hours later that we first contacted Hayden Davis.
PANews: Did you communicate with Milei before and after he deleted his tweet? Currently, both President Milei and his political opponents have launched anti-corruption investigations 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 may not have fully distinguished the connection and differences between the $Libra token and the “Viva la Libertad” project, nor fully understood the relationships among the various parties, or exactly what services I and KIP Protocol were supposed to provide and at what stage. I hope President Milei sees our statement and learns the truth.
PANews: How will KIP rebuild community trust moving forward and ensure user interests are fully protected?
Julian Peh: We are fully cooperating with any investigation that can uncover the truth. We won the Tencent Cloud award at the Chainlink Hackathon at the end of 2023, and KIP’s products have consistently maintained cutting-edge technical standards within the industry. The team is now fully focused on launching our long-in-development new AI product. As a Singapore-based AI technology company, KIP Protocol remains committed to advancing development within the AI ecosystem.
PANews: In light of substantial losses suffered by many users, does KIP Protocol have any compensation strategy? It was rumored that some KOLs have already received compensation? (For example, the address believed to belong to Barstool’s founder reportedly lost $5.34 million on 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—the responsible party is Kelsier Ventures. We cannot interfere with or advise on compensation arrangements, as Kelsier Ventures has never followed or listened to KIP. On the contrary, both I and KIP Protocol are victims in this incident—dragged into this situation before any substantive cooperation began—and we will pursue legal action for damages. Meanwhile, my team and I are working hard to mitigate the damage this incident has caused to KIP’s own projects and minimize unjustified losses to our users.
PANews: KIP’s investor Animoca Brands also issued a clarification, stating they were unaware of the token launch. Were any investment institutions aware of or involved in this token issuance event?
Julian Peh: KIP did not participate in the $Libra token issuance at all, so it was impossible to inform any investment institution.
PANews: Platforms like Jupiter and Meteora were accused of profiting from Libra but later denied involvement. Does KIP have any collaboration with these platforms?
Julian Peh: Absolutely not. KIP Protocol is not a company that organizes token launches. That’s not our business, and KIP doesn’t need to interface with these platforms.
PANews: Do you think the current situation around Libra violates the original intent of the project? Will Libra continue operating according to its original vision of supporting Argentina’s economic development?
Julian Peh: As victims rather than initiators of this incident, we are powerless to answer those two questions. In this regard, what we’ve lost is lasting reputation and severe harm to our team.
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