Jupiter Exchange Denies Involvement in the Sudden Crash of the LIBRA Token

Jupiter Exchange has made it clear that it had nothing to do with the sudden crash of the LIBRA token. They say they weren't involved in its launch, trading, or fundraising in any way.

Cryptocurrency exchange Jupiter Exchange has denied any involvement in the launch of the short-lived LIBRA token, which crashed soon after its launch.

The token, which was named after the digital currency project by Meta, was launched on Monday. It quickly soared to a high of $4.2 before crashing to lows of $0.0000001.

The wild price movements and the token’s close association with Argentine President Javier Milei led to speculation of insider trading and market manipulation. Some traders speculated that Jupiter may have had prior knowledge of the token’s launch and used this information to their advantage.

However, Jupiter has strongly denied these claims. In a statement on X (formerly Twitter), the exchange said that a few team members had heard about a potential token linked to Milei, but they had no concrete details about the launch timeline or specifics.

“A few members of the team heard about a potential token being launched that might be connected to Milei around 2 weeks ago, but we had no details on the launch time, launch token, or anything specific,” Jupiter said.

The exchange added that it first came across the LIBRA project through Kelsier Ventures, but it had no hand in the token’s creation, funding, or distribution.

“We came across the $LIBRA project for the first time through Kelsier Ventures, but we had no involvement in its creation, funding, or distribution,” Jupiter said.

To further address the accusations, Jupiter said it had launched an internal probe, which found no evidence of team members engaging in insider trading. The company also invited the community to present any proof, assuring strict action if any wrongdoing was discovered.

“We have launched an internal investigation into the matter and found no evidence of any team members engaging in insider trading,” Jupiter said.

“If you have any evidence to the contrary, please present it, and we will take the necessary action. We have nothing to hide and fully support any investigation into this matter,” the exchange added.

Jupiter also noted that the LIBRA token was only added to its Strict List after it hit a market cap of $1.5 billion. The verification was purely to protect traders from buying scam tokens, and not an endorsement of LIBRA itself.

“$LIBRA was only added to our Strict List after it hit a market cap of $1.5 billion,” Jupiter said.

“This verification is to protect traders from buying scam tokens, not an endorsement of $LIBRA itself. We encourage everyone to exercise caution when trading any memecoin,” the exchange added.

CEO Meow, who was reportedly in Tokyo and asleep when LIBRA went live, also confirmed that he had no prior knowledge of the token’s contract address or launch timing.

The exchange’s statement comes amid a growing chorus of voices calling for more regulation in the cryptocurrency market. The wild price swings and the ease with which tokens like LIBRA can be launched have raised concerns about the potential for abuse and manipulation.

Regulators in several countries, including the U.S. and the U.K., are already taking steps to increase oversight of the crypto sector. The recent events are likely to add further pressure on regulators to act swiftly and decisively.