$LIBRA token's dramatic rise and fall shocked the entire crypto market. The market value plummeted from $4.6B to $120M, causing significant losses for investors. #JulianPeh — KIP Protocol's CEO — has been accused of being the behind-the-scenes operator. But is that really the case?

After 24 hours of in-depth investigation, I found that things are much more complicated than they seem. Who is the real developer? How much profit are they making? What will happen in the future? Let’s delve into the truth behind this storm.

Who is Julian Peh?

Identity background:

- CEO & co-founder of KIP Protocol, a company focused on Web3 AI infrastructure.

- Entered the crypto space in 2016, investing in Bitcoin and Ethereum.

- Active in the NFT trading market in 2021.

- In 2024, optimistic about the **Libertad project, decided to participate with the aim of helping small businesses in Argentina obtain funding support.

However, the collapse of $LIBRA in 2025 put him in the spotlight.

Official statement from KIP Protocol

Clarifying a few key facts:

- $LIBRA is a private project, and Argentine President Milei and his government have never been involved.

- KIP's primary responsibility is to help allocate funds, not to manipulate the market.

- KIP does not control any wallets and did not participate in the market-making of $LIBRA.

Julian Peh's first public response

On February 15, 2025, Julian Peh issued a statement on social media:

- The original intent of the Libertad project is to support small businesses and entrepreneurs in Argentina.

- Funds are still stored on-chain, and no SOL funds have been misappropriated.

- $LIBRA had no presale, and all tokens were sold through a one-way liquidity pool.

- Future plans will still revolve around the project's original intent, and all funds will be managed transparently.

KIP's role amidst market doubts.

#KIPprotocol further statement:

- The issuance of $LIBRA tokens and market manipulation is entirely managed by @KelsierVentures.

- The true project initiator is Hayden Davis, not Julian Peh.

- The KIP team was invited to be responsible for screening funding for tech projects and AI infrastructure only after the token issuance.

#KelsierVentures 's position

Hayden Davis (market advisor for $LIBRA) reveals:

- Javier Milei and his team initially supported $LIBRA and actively promoted it on social media.

- Yet before the token crash, Milei suddenly withdrew support and deleted all related social media content.

- Milei’s team is attempting to shift all responsibility onto Julian Peh to divert public attention.

- Kelsier Ventures has made it clear: Julian Peh did not participate in the operations or profit.

Where is the $LIBRA funding going?

How will the funds be handled? Kelsier Ventures' plan:

- All SOL funds will be reinjected into the liquidity pool to stabilize the market.

- The market-making fees will be donated to an Argentine foundation to support the originally planned development.

- Up to $100M will be used for buybacks and token burns to reduce circulation and stabilize the coin price.

Kelsier Ventures promises to execute the plan within 48 hours!

Political storm: Is Milei facing impeachment?

The strong reaction of the Argentine political scene to the $LIBRA incident:

- Opposition leader Leandro Santoro harshly criticizes Milei, calling this incident a 'global scandal.'

- Santoro publicly calls for the immediate initiation of impeachment proceedings, accusing Milei of fraud and irresponsible governance.

- Public doubts: Did Milei really participate in the $LIBRA scam? Why did he suddenly withdraw his support?

Future outlook: #Libre will it be revived?

Three key uncertainties in the current market:

Can the $LIBRA buyback and burn plan restore market confidence?

Will Milei face legal responsibility or a political crisis?

Can Julian Peh clear his name and restore KIP's reputation?

Conclusion:

- Who is the real behind-the-scenes operator? There is still controversy, but Kelsier Ventures' statement provides new clues.

- Is Julian Peh innocent? Based on the current evidence, his role seems more aligned with technical support rather than being a financial manager.

- Why has the government's position changed? Both the political sphere and the market are waiting for more truths to surface.