The Big Exchange's Altcoin Meme Coin is Falling with Insider Claims: Statement Arrived! - Coin Bulletin

The team of the major exchange Jupiter on the Solana network strongly responded to the allegations of insider information leakage and manipulation in the LIBRA token scandal.

The Jupiter team has denied insider trading allegations in the LIBRA token scandal, stating that they only intervened in the project to protect users. Following these developments, the JUP token price dropped by 7% in the last 24 hours to $0.838.

According to Jupiter’s statement, some team members learned about a token project related to Argentine President Javier Milei about two weeks ago. However, they stated that they only obtained information about the project from Milei's social media posts and did not interfere in the launch process in any way. Additionally, they emphasized that none of the team members received any LIBRA tokens or gained any financial benefit from the project.

Response to insider information leakage allegations

Jupiter suggested that they don't know LIBRA's launch date, smart contract address, (CA), or exact timing. Only a member of the team with the nickname "Meow" became aware of the situation on launch day but did not have the details. In addition, a person named Ben from Meteora learned the CA address a few minutes before the launch to verify it, but did not share this information with the Jupiter team.

The statement noted that the reason for adding the LIBRA token to the 'Verified' list is to protect investors from fraudsters. Indeed, immediately after the LIBRA launch, many fake tokens were created. Jupiter's verification process is said to be aimed at protecting users from fake projects rather than showing that a token is investable.

JUP Price Crashed

Following all these developments, Jupiter's native token JUP fell by 7% in the last 24 hours, dropping from $0.90 to $0.838. JUP became the biggest loser of the day in terms of value.

The Jupiter team stated that they take insider trading allegations very seriously and conduct their own internal investigations. They emphasized that they have not found any evidence of any team member leaking insider information or making prior purchases. However, they requested that if there is any evidence from the community, it should be shared with them, and if such a situation is identified, they will take 'quick and decisive' action.

Finally, it was stated that Jupiter's CEO Meow will make a more detailed statement during the day.