Jupiter Exchange has responded to allegations of insider trading and preferential treatment in the launch of LIBRA, a token associated with Argentinian President Javier Milei.
- In a detailed statement posted on X (formerly Twitter), the Jupiter team denied any direct involvement in the token’s early dealings.
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Brief Background: LIBRA, a memecoin reportedly linked to Milei, launched amid significant speculation. (Read our earlier article: Argentina President Milei Distances Himself from LIBRA Memecoin After 90% Crash)
According to Jupiter, its team became aware of the project about two weeks before launch through Kelsier Ventures.
- However, they maintained that they had no foreknowledge of the specific launch date, time, or contract address (CA).
Jupiter’s Role in LIBRA’s Verification: The exchange clarified that it did not pre-verify or instantly verify LIBRA’s contract addres.
- Instead, the verification occurred only after the token gained credibility through public confirmation from Milei’s official account and achieved sufficient trading volume.
- By the time LIBRA was added to Jupiter’s Strict List—a feature designed to protect users from counterfeit tokens—the token had already reached a market cap of approximately $1.5 billion.
- It was only an hour after the launch that LIBRA received a “Verified” tag in Jupiter’s default token search.
Addressing Allegations of Insider Trading: Jupiter emphasized that no team members received LIBRA tokens or any related compensation.
- The exchange also stated that it conducted an internal investigation and found no evidence of team members engaging in sniping or trading on non-public information.
“If you have evidence of Jupiter employees leaking information or otherwise sniping, please reach out directly. If we discover any team members acted on non-public information, we will take quick and decisive action.”
Jupiter’s statement on X
Future Measures: To improve transparency and fairness in future token launches, Jupiter is working on enhanced verification mechanisms, including its new Organic Score, which aims to use on-chain activity to determine a token’s legitimacy rather than manual verification.
This article is published on BitPinas: Quick Take: Jupiter Addresses Allegations of Insider Trading in LIBRA Token Launch
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