"Solana Meme Coin LIBRA's 90% Plunge: Jupiter Denies Insider Trading"

Solana Exchange Jupiter has denied any involvement in the collapse of Solana meme coin LIBRA, which saw its market cap plummet by over 90% after insiders reportedly cashed out millions in liquidity. LIBRA's dramatic rise and fall within hours of its launch, triggered by Argentine President Javier Milei's endorsement, has fueled suspicions of insider trading and market manipulation.

In a tweet, Jupiter stated that it had "nothing to hide" and that, "We take allegations of insider trading EXTREMELY seriously." Following an internal investigation, no evidence of "sniping" by employees was found relating to the launch of LIBRA, it added. While some team members were aware weeks earlier of the impending launch of a token linked to Milei "at some point," they were not involved in the project's dealings, the exchange said.

Jupiter revealed that it first learned of the launch through venture capital firm Kelsier Ventures, and only after seeing Milei's public confirmation did the seriousness of the project become clear. "No one working on Jupiter products knew the day, time or CA of the launch in advance," the exchange added. The Jupiter team went on to acknowledge that the upcoming launch of an "Argentina Coin" had been "an open secret" in meme coin circles for some time, evidenced by numerous public tweets.

LIBRA's crash has sparked political fallout in Argentina, with President Milei now facing impeachment threats and fraud charges as a result of his endorsement of the project. Milei's office issued a statement clarifying that he had met with representatives from KIP Protocol, including Hayden Mark Davis, who was presented as a technological partner for the project. The President's office also claimed that Milei was not part of the crypto's development and only posted about the project on social media after learning about it from KIP Protocol.

Following LIBRA's crash, Milei deleted his post endorsing the meme coin and announced he was requesting an investigation into potential misconduct related to the launch. "The President has decided to immediately involve the Anti-Corruption Office (OA) to determine whether there was improper conduct on the part of any member of the National Government, including the President himself," the statement read.

The tokenomics of LIBRA initially raised concerns, with blockchain analytics firm Bubblemaps revealing that 82%