Odaily News Kelsier published an announcement on X about the latest progress of LIBRA: “Argentinian President Javier Milei initially supported and actively promoted the Libra token on social media platforms, including X and Instagram. His team received his public support at the time of launch and assured me that support will continue throughout the launch process.
Given my role as an advisor, my primary responsibility is to ensure that the token has sufficient trading volume, liquidity, and strong funding to support its price and execute on the project's vision. However, as an advisor, there are many factors that are beyond my control.
Despite previous commitments, Miley and his team unexpectedly reversed their stance, withdrawing their support and deleting all previous social media support. This sudden decision was made without any prior warning and directly contradicted previous assurances. To my surprise, Miley later released a statement indicating that his withdrawal was due to alleged misconduct by the project's backers, calling them scammers.
I categorically reject this claim and want to emphasize that Julian Peh, founder of KIP Network and major sponsor of Libra Token, is completely innocent. I can only assume that Miley’s team is trying to shift the blame onto Julian in order to evade responsibility.
It is crucial to realize that Meme Coin investment is driven by trust and endorsement. When Miley and his team deleted their posts, investors who had purchased the tokens based on trust in their endorsement felt betrayed. This led to a wave of panic selling, further exacerbating the situation. The sudden loss of confidence had a disastrous effect on the market stability of the token.
Regarding my role, I am responsible for ensuring the liquidity of the project and still maintain control over all related expenses and treasury funds. I want to make it clear that I have not and will not use these funds for personal gain. As the custodian (not the owner) of these funds, I am unwilling to transfer them to Mile's team or the KIP team.
After consulting with experts, I propose to reinvest 100% of the funds I control (up to $100 million) into Libra tokens and destroy all purchased supply. I intend to begin executing this plan within the next 48 hours unless a more viable alternative is proposed.
I remain committed to transparency and will continue to provide updates as the situation develops.”