Quick Take: Jupiter Addresses Allegations of Insider Trading in LIBRA Token Launch
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.
Quick Take delivers key facts fast—concise, clear, and easy to read. Perfect for busy readers.
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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