The man behind the Argentine president’s meme coin LIBRA: latest relationship map, KIP and Kelsier’s response

The meme coin TRUMP was born from the President, and the community subsequently followed suit and issued many presidential coins. Recently, the supporter of Argentinian President Javier Milei, pushed a meme coin LIBRA issued by a third party, which experienced a surge and then a crash, causing the community to initiate a witch hunt to find the culprit. This has also led the companies and individuals involved in the issuance to come forward, on one hand apologizing, and on the other hand shifting the blame to others, making it unclear who is the real mastermind behind the price plunge of LIBRA.

Among them, the member of the Solayer protocol, shoucccc, who claims to have lost as much as $2 million, has been the most active in the investigation. He has also publicly released the relationship diagram he has deduced so far. In addition, KIP, which is involved in this, and Hayden Davis, who is accused of being the market maker, have also come forward to explain. The following are the possible deduced relationships:

Hayden Davis Statement: Admits to being an advisor, blames Argentinian President

Hayden Davis, the head of the venture capital firm Kelsier Ventures, issued a statement attempting to explain his role in the $LIBRA token issuance, and blamed the market collapse on the temporary withdrawal of support by Argentinian President Javier Milei and his team. He emphasized that he was an advisor (launch advisor) for the project, responsible for ensuring liquidity and fund management, but claimed he did not directly control the token issuance or market making.

Davis stated that the Milei team originally promised to support $LIBRA, even promoting the token on social media, but shortly after the issuance, they suddenly withdrew their endorsement, deleted all related posts, and accused the $LIBRA team of fraudulent activities. He strongly denied these allegations and defended KIP protocol and its founder Julian Peh, suggesting that the Milei team might be scapegoating to cover up the impact of their own decision-making mistakes on the market.

Davis further explained that due to the extreme market value dependence of memecoins on celebrity effect, Milei's withdrawal directly led to the collapse of investor confidence, causing the token price to plummet. He admitted that he still controls around $100M in funds, but stated that these funds belong to the token treasury, not his personal assets. He refused to hand over the funds to Milei or KIP protocol, and plans to use the entire amount to repurchase and burn $LIBRA tokens to stabilize the market. He promised to continue to be transparent in handling this matter and may execute the buyback plan within 48 hours.

Overall, Davis' statement attempts to portray himself as a victim of market turmoil, and attributes the responsibility to the Milei team's sudden withdrawal of support. His position differs from KIP's statement, particularly in terms of fund control and issuance responsibility, indicating that there may be internal conflicts of interest. In this turmoil, Davis seems to be trying to rebuild market confidence through the promise of token repurchase and burning, but whether his statements can be accepted by the public will depend on the subsequent flow of funds and community reaction.

KIP protocol Statement: It's all Hayden Davis' responsibility

The statement from KIP protocol attempts to distance itself from the issuance and market manipulation of the $LIBRA token, emphasizing that its role in the project was limited to technical infrastructure and AI project management, and not as the issuer or market maker. They pointed out that the issuance and market control of $LIBRA were entirely the responsibility of Kelsier Ventures (Hayden Davis), and that KIP did not hold any related wallets or participate in any market transactions.

KIP acknowledged that they were only invited to join after the issuance, responsible for overseeing the funded technical projects, and were listed as supporters on the official website. However, since Argentinian President Javier Milei had publicly promoted $LIBRA, the token gained high attention, and Milei's team subsequently withdrew their support, causing market turmoil. KIP stated that they have received a lot of FUD as a result, and even had threats against KIP team members. They emphasized that KIP is essentially a technology company focused on innovation and infrastructure, not token issuance and market manipulation.

Regarding the issue of fund flow, KIP mentioned that after communicating with Kelsier (Hayden Davis), they learned that all the Solana (SOL) raised on the issuance day will be re-injected into the liquidity pool (LP/chart), and all market making fees will be given to an Argentinian foundation. They denied receiving any profits from this activity and stressed that KIP was not involved in market manipulation or issuance, but was passively dragged into this controversy.

KIP's statement mainly tries to distance itself from the token issuance, shifting the responsibility to Kelsier (Hayden Davis) and his team. Their statement and Davis' version contradict each other on fund management and decision-making power, as Davis said he was unwilling to hand over the funds to KIP or the Milei team, while KIP claimed the funds would be used for the foundation and liquidity management. This indicates a clear discrepancy in the parties' statements about the flow of funds, which may imply unresolved power and interest conflicts within the group.

Comprehensive Speculation on the Mastermind behind LIBRA

Based on shoucccc's deduced diagram, as well as the statements from KIP and Hayden, the complete story behind the $LIBRA issuance may be:

1. Meme coin manipulation plan

   • Kelsier (Hayden Davis) designed and issued $LIBRA through M3M3 Launchpad (Meteora) and arranged for market making operations.
   • Some Delhi Dude (a person in Delhi, India) may have been responsible for the actual token deployment and liquidity injection, while the market maker Axiom may have been the market making or liquidity management team.

2. KIP utilized political resources for promotion

   • KIP, through its relationship with the team of Argentine President Milei, secured political endorsement, allowing the token to attract a large number of investors.
   • However, the Milei team suddenly withdrew their support after the issuance, causing a collapse of market confidence.
   • KIP denied any involvement with the token issuance after the market collapse, trying to distance itself from the responsibility.

3. Dispute over funds

   • Hayden controls $100M in funds but refuses to hand them over to KIP or the Milei team, indicating there may be internal financial disputes.
   • KIP says the funds will be returned to the foundation, but Hayden says the funds will be used to repurchase and destroy the tokens, showing inconsistencies in their plans.
   • The "Behind-the-scene boss" in the chart may be the key figure who decides the ultimate destination of the funds.