On $LIBRA
Since the start, Jupiter has always placed a massive premium on transparency. The memecoin launch game is a dirty game with plenty of ugly behavior. We, however, have nothing to hide.
So here are the facts as clearly as we can say them.
A few members of the Jupiter team knew that there would be, at some point, a token project associated with Argentinian President Javier Milei. We learned of this ~2 weeks ago directly from Kelsier Ventures. While we were initially unsure, we then saw credible evidence in the form of public tweets from Milei’s personal account that he was serious.
That was the full extent of our knowledge.
We were completely unaware of the dealings between the the principals, in this case Milei and the market makers, and were not involved in it in any way, shape or form.
It was an open secret in memecoin circles that an “Argentina Coin” was going to launch at some point, as evidenced by the many public tweets that have since surfaced. But in keeping with our ethos of confidentiality, we did not speak about it with anyone at all, online or offline. Further, no one on the team received any LIBRA tokens or related compensation at any time.
No one working on Jupiter products knew the day, time or CA of the launch in advance. Only Meow himself became aware of the launch on the day it was meant to happen, but he did not know the CA or the specific timing nor was he involved in any way. He was in Tokyo and slept through the launch.
Ben from Meteora was aware of the CA a few minutes prior to launch for verification purposes but did not share it with the Jupiter team until AFTER the information was public.
We did not pre-verify or instantly verify the CA either, contrary to a lot of FUD on twitter. Instead, we waited for public confirmation - again from Milei’s twitter account - and sufficient volume.
By the time we added LIBRA to the Strict List and shown with the “Verified” tag in our Trenches product, the market cap was already ~1.5b. LIBRA did not get the “Verified” icon in our default token search until roughly 1 hour after launch.
Why verify it at all? The answer is simple: to protect users. There were dozens of imposter tokens launched right after LIBRA, and without Strict List verification it would have been easy for traders to accidentally purchase the wrong token. Our Strict List has never been an endorsement of a particular token - it is simply our way to ensure that users can buy the correct token they are intending to buy.
(btw, our new Organic Score is designed to help remove the need for this verification process and instead let organic onchain activity dictate which tokens are “correct”)
We take allegations of insider trading EXTREMELY seriously. We have conducted our own investigation and cannot find any evidence of sniping by team members.
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.
LIBRA was brutal. It was brutal for traders, brutal for FUD, and brutal for our ecosystem. In fact, many memecoins has been brutal for the ecosystem for a long time now with sniping, bundling and all becoming the norm.
We absolutely in no way condone these extreme PVP launches. And we’re actively working on better systems both internally and externally to help improve the situation for all.
As mentioned, @weremeow will issue a more detailed statement later today.
Since the start, Jupiter has always placed a massive premium on transparency. The memecoin launch game is a dirty game with plenty of ugly behavior. We, however, have nothing to hide.
So here are the facts as clearly as we can say them.
A few members of the Jupiter team knew that there would be, at some point, a token project associated with Argentinian President Javier Milei. We learned of this ~2 weeks ago directly from Kelsier Ventures. While we were initially unsure, we then saw credible evidence in the form of public tweets from Milei’s personal account that he was serious.
That was the full extent of our knowledge.
We were completely unaware of the dealings between the the principals, in this case Milei and the market makers, and were not involved in it in any way, shape or form.
It was an open secret in memecoin circles that an “Argentina Coin” was going to launch at some point, as evidenced by the many public tweets that have since surfaced. But in keeping with our ethos of confidentiality, we did not speak about it with anyone at all, online or offline. Further, no one on the team received any LIBRA tokens or related compensation at any time.
No one working on Jupiter products knew the day, time or CA of the launch in advance. Only Meow himself became aware of the launch on the day it was meant to happen, but he did not know the CA or the specific timing nor was he involved in any way. He was in Tokyo and slept through the launch.
Ben from Meteora was aware of the CA a few minutes prior to launch for verification purposes but did not share it with the Jupiter team until AFTER the information was public.
We did not pre-verify or instantly verify the CA either, contrary to a lot of FUD on twitter. Instead, we waited for public confirmation - again from Milei’s twitter account - and sufficient volume.
By the time we added LIBRA to the Strict List and shown with the “Verified” tag in our Trenches product, the market cap was already ~1.5b. LIBRA did not get the “Verified” icon in our default token search until roughly 1 hour after launch.
Why verify it at all? The answer is simple: to protect users. There were dozens of imposter tokens launched right after LIBRA, and without Strict List verification it would have been easy for traders to accidentally purchase the wrong token. Our Strict List has never been an endorsement of a particular token - it is simply our way to ensure that users can buy the correct token they are intending to buy.
(btw, our new Organic Score is designed to help remove the need for this verification process and instead let organic onchain activity dictate which tokens are “correct”)
We take allegations of insider trading EXTREMELY seriously. We have conducted our own investigation and cannot find any evidence of sniping by team members.
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.
LIBRA was brutal. It was brutal for traders, brutal for FUD, and brutal for our ecosystem. In fact, many memecoins has been brutal for the ecosystem for a long time now with sniping, bundling and all becoming the norm.
We absolutely in no way condone these extreme PVP launches. And we’re actively working on better systems both internally and externally to help improve the situation for all.
As mentioned, @weremeow will issue a more detailed statement later today.
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