PA Daily | Argentine President has asked the Anti-Corruption Office to intervene in the LIBRA issuance incident; crypto market minting new tokens in January reached 600,000
Reprinted from panewslab
02/16/2025·2MToday's news tips:
1. The Hong Kong Securities Regulatory Commission hopes to formulate a roadmap for virtual assets development
2. Macro outlook next week: Traders resume pricing of Fed rate cuts before September, US dollar frenzy
3.KIP: LIBRA token release and market making are entirely under the responsibility of KelsierVentures, and no wallet belongs to KIP
4.Kelsier: Milei and his team unexpectedly changed their positions and could not control themselves, planning to reinvest all their funds into Libra tokens
5. Argentina Presidential Office: The President has asked the Anti-Corruption Office to intervene and set up an investigation team
6.KIP Protocol: Never had any meeting with the Argentine president in January
7.CoinGecko Lianchuang: The crypto market's new token minting volume reached 600,000 in January
8.NFT transaction volume fell by 35.15% month-on-month to US$112.7 million in the past seven days, and the number of buyers and sellers increased by more than 500% month-on-month
Regulatory/Macro
According to Hong Kong media Oriental Network, the Hong Kong Securities Regulatory Commission may approve the virtual asset trading platform license this month. The Hong Kong Securities Regulatory Commission has implemented the virtual asset trading platform (VATP) license system since June 2023. CEO Leung Fengyi said that a total of 9 have been approved. There are still 9 licenses to be approved, and it is expected that another platform will be issued within the month. Regarding the proposed virtual asset development roadmap, Liang Fengyi pointed out that virtual asset development is not only a licensed platform, but also custody business, over-the-counter trading (OTC), etc., which will collect opinions from different units at that time. Liang Fengyi also said that the current transactions of virtual asset trading platforms are There is room for improvement in liquidity, and we will consider whether to introduce more products and services to enhance market competitiveness.
According to Hong Kong Wen Wei Po, a fund issuer previously expected to launch the first tokenized retail currency fund in the Asia-Pacific region in Hong Kong by the end of this month. Hong Kong Securities and Exchange Commission CEO Leong Fengyi said that she has discussed with the HKMA on the Ensemble project, believing that currency is in real-world assets. Market funds have the most potential tokenization because they can make subscription and redemption efficient. At present, many other tokenization applications are under review, including retail products and money market funds.
Liang Fengyi also revealed that the Hong Kong Securities Regulatory Commission has set up an industry consulting team for operators of licensed virtual asset trading platform (VATP) and hopes to release a development roadmap in the near future. It is currently processing 9 valid applications, and reiterates that there is no licensing ceiling or Target. In addition to the virtual asset trading platform, the China Securities Regulatory Commission will also assist the Financial Affairs and Treasury Bureau in formulating regulatory frameworks in virtual asset custody and over-the-counter trading (OTC), and it is expected that the market will be consulted publicly within the year.
According to Hong Kong media Ming Pao, the Hong Kong Securities Regulatory Commission held a virtual asset consulting group meeting with the licensed virtual asset trading platform (VATP) for the first time yesterday. Hong Kong Securities Regulatory Commission CEO Leung Fengyi said that after the establishment of the group, VATP licensees can operate and improve VATP in the future. Opinions were put forward on the liquidity of virtual asset transactions, as well as improving the development of virtual assets in Hong Kong and international competitiveness. Liang Fengyi continued to say that the Hong Kong Securities Regulatory Commission hopes to formulate a roadmap for virtual assets development and develop towards product diversification, and will also provide assistance in consultations on virtual asset custody and over-the-counter trading (OTC).
This week's CPI report showed that U.S. consumer inflation rose, Fed Chairman Powell admitted that more work needed to eliminate price pressure in the economy, and expectation of interest rate cuts cooled down, but then weak retail sales data brought some hope to people afterwards . Wall Street's ability to handle dramatic events is once again trained. It has been proved once again that traders are competent for this task, and the market as a whole has not been greatly affected. Here are the key points that the market will focus on in the new week:
At 22:30 on Monday, 2026 FOMC Voting Committee and Philadelphia Fed Chairman Huck delivered a speech;
At 23:20 on Monday, Federal Reserve Director Bowman delivered a speech;
On Tuesday at 23:20, the 2027 FOMC voter and San Francisco Fed Chairman Daley delivered a speech;
At 03:00 on Thursday, the Federal Reserve released minutes of January's monetary policy meeting;
Thursday at 21:30, the number of initial unemployment claims in the United States to the week of February 15, the US Philadelphia Fed Manufacturing Index in February;
On Thursday, 22:35, the 2025 FOMC voter and Chicago Fed Chairman Goulsby delivered a speech;
On Friday at 01:05, 2025 FOMC voter and St. Louis Fed Chairman Mousalem delivered a speech at the New York Economic Club;
Friday at 22:45, the US February S&P Global Manufacturing PMI initial value/services PMI initial value;
At 23:00 on Friday, the final value of the University of Michigan Consumer Confidence Index in February and the expected final value of the one-year inflation rate in February.
Investors are unlikely to pay too much attention to the minutes of next week’s Fed’s January meeting, following Powell’s semi-annual testimony and January inflation data. So the focus may be on the S&P Global PMI data for next Friday. A PMI below 50 may put pressure on the dollar, pushing up gold. A survey of more than 50 fund managers around the world in February showed that among interest rate and currency traders, betting on a stronger dollar is still regarded as the most crowded position. Nearly half of investors still expect the dollar to peak in the first quarter of this year.
Project News
KIP Protocol issued a clarification announcement on the $LIBRA release and KIP function, which stated that the token release and market making are entirely responsible for KelsierVentures, and the representative is Hayden Davis, the initiator of the project. No wallet belongs to KIP or himself. KIP is invited to manage/oversee the selection of funded technology projects after release and provide technical infrastructure for AI programs. All matters related to issuance and tokens should be handed over directly to Kelsier as they are dealing with the matter and plan to transfer the tokens to the Foundation.
When President Milei posted the project on Twitter, the project attracted attention. At that time, KIP was not involved in the release because the role of KIP Protocol was always after it was released. KIP has taken on a lot of FUDs today, including threats to individuals and employees, but has not participated in the release and has not processed any tokens or SOLs. All SOLs obtained today will be reinjected into the LP. All market making fees will be transferred to a foundation in Argentina. The foundation will continue to run the plan as originally planned. All details about the token should be sent directly to Kelsier. KIP Protocol did not get a penny profit from today's event. KIP is not engaged in token issuance or market making business.
Kelsier released an announcement and clarification video on the latest progress in the Libra token settlement, saying: “As a launch consultant for the Libra Token project, I want to clarify the key aspects of the release and address the latest progress on Javier Milei’s participation and subsequent withdrawal of support. Javier Milei initially Support and actively promote Libra Token on social media platforms, including X and Instagram. His colleagues received his public support at the time of posting and assured me that he would continue to be supported throughout the posting. Given that I am a As an advisor, my main responsibility is to ensure that the token has sufficient quantity, liquidity and strong capital to support its price and realize the vision of the project. However, as a consultant, there are many factors that I cannot control.”
“Despite previous commitments, Milei and his team unexpectedly changed their positions, withdrew their support and removed all previous social media support. This sudden decision was made without any prior warnings. , directly contradicting the previous assurance. To my surprise, Milei later issued a statement saying his exit was due to alleged misconduct by the project supporters, calling them liars. I flatly rejected this claim, and I want to emphasize that Julian Peh, founder of KlP Network and main sponsor of Libra Token, is completely innocent. I can only assume that Milei’s accomplices try to push the blame to Julian in order to evade responsibility.”
“It is crucial to recognize that memecoin investment is driven by trust and recognition. When Milei and his team deleted their posts, investors who bought tokens based on trust in his recognition felt betrayed. . This led to a wave of panic selling, further exacerbating the situation. The sudden loss of confidence had a catastrophic impact on the market stability of the tokens."
“As for my responsibilities, I am responsible for ensuring the liquidity of the project and still maintaining control over all relevant expenses and funds. I want to make it clear that I do not and will not use these funds for personal gain. As a custody of these funds People (not owners), I wouldn’t like to transfer them to Milei’s colleagues or KlP team. Instead, after consulting with experts, I recommend reinvesting 100% of the funds I control (up to $100 million) into Libra tokens and destroy all purchased supplies. I intend to start the implementation of the plan within the next 48 hours unless a more viable alternative is proposed. I remain committed to maintaining transparency and will continue to provide updates as the situation develops.”
Previous news , KIP Protocol issued a clarification announcement on the $LIBRA release and KIP function, saying that the token release and market making are entirely responsible for KelsierVentures, and the representative is Hayden Davis, the initiator of the project. No wallet belongs to KIP or himself.
According to Reuters, Argentine President Javier Milei may face impeachment from Congress, accusing him of pushing for cryptocurrency rug pull, causing the token market value to plummet from $4 billion to $418 million in a few hours. The Argentina Fitech Chamber of Commerce admitted that the case could be a "scam" in which developers of cryptocurrencies attract legal investments and boost their value, but later sold it. Leandro Santoro, a member of the opposition coalition, said: "This scandal has brought shame to us internationally and we must initiate an impeachment request against the president."
The Argentine Presidential Office issued an announcement on LIBRA tokens, which stated:
“On October 19, President Javier Mile met with representatives of KIP Protocol in Argentina, where he learned that the company intends to develop a project called Viva la Libertad to use blockchain technology to provide private enterprises in the Argentine Republic with the help of blockchain technology. Funding. The President of the State attended the meeting and has been officially recorded in the public hearing register; KIP Protocol representatives Mauricio Novellli and Julian Peh; and Presidential spokesman Manuel Adorni.
Against this backdrop, on January 30, 2025, the President held a meeting with Hayden Mark Davis at the Rose Palace, where, according to a representative from KIP Protocol, Davis will provide the technical infrastructure for his project. Mr. Davis had no relationship with the Argentine government in the past and present, and a representative of KIP Protocol introduced him as one of the partners in the project.
Finally, yesterday, the president shared a post on his personal account announcing the launch of the KIP Protocol project, just like he does every day with many entrepreneurs who want to start projects in Argentina to create jobs and get investments. Since he was not involved in any cryptocurrency development, after the project started, he decided to delete the tweet in order to avoid any speculation and not spread further.
In view of the facts, President Javier Mille decided to immediately ask the Office of Anti-Corruption (OA) to intervene to determine whether any member of the government of any country, including the President himself, had committed misconduct.
On the other hand, the President decided to set up a working group for investigations (UTI) within the Presidential Palace, consisting of representatives of institutions and organizations related to crypto assets, financial activities, money laundering and other related fields, who will integrate information to the cryptocurrency $LIBRA and all companies or individuals involved in the above actions launched emergency investigations.
All information collected during the investigation will be handed over to the court to determine whether any company or individual related to the KIP Protocol project is guilty of a crime. President Mile demonstrated his commitment to the truth with his actions, and he was committed to thoroughly clarifying the truth of the incident until the end result. ”
KIP Protocol: Never had any meeting with the Argentine president in January
KIP Protocol tweeted in response to a statement from the Argentina Presidential Office, saying: Mauricio Novelli was not a member of the KIP Protocol team in the past and had never joined. Novelli is the founder of TechForum Argentina, sponsored by KIP Protocol in October 2024. KIP Protocol has never had any meeting with Javier Milei in January 2025.
Previous news , the Argentine presidential office claimed that the president had asked the Anti-Corruption Office to intervene and set up an investigation task force.
Viewpoint
Greeks.live macro researcher Adam released an English community briefing saying that Bitcoin traders closely monitor the range of $94,000-98,000, with the main resistance at $98,000. At the same time, many people have noticed the unusually sluggish volatility in the recent past and lack of certainty in price trends. The market has gradually formed a consensus that the volatility of short-term options may expand significantly from the current level of 17%, and there is a clear difference between the view of taking radical positions in a low-volatility environment and the view of proposing to wait for a clearer direction.
Geoffrey Kendrick, analyst at Standard Chartered's global digital asset research, said in a note that Bitcoin has fallen for five consecutive weekends and is expected to change this weekend. The small gains this weekend could trigger an inflow of ETF funds on Monday, pushing its price back to $100,000 before rising to $102,500.
The recent weekends (5pm New York time to the same time on Friday, between Sunday, and negative news has put pressure on Bitcoin. A key event is the DeepSeek News on the weekend of January 25-26, and the following weekend, February 1-2, Bitcoin was hit by Canadian and Mexican tariff news.
The weekend of February 15-16 "will be different" as adverse events have already occurred, with the yield on the 10-year U.S. Treasury bonds below 4.5% this week, a positive signal for risky assets such as Bitcoin. Lower yields tend to relieve pressure on speculative investment, making it more likely to rebound.
Crypto analyst Immortal tweeted: "BTC on-chain trading volume is far from reaching the level of 2021... But do we expect a big bull market? Even trading fees may not necessarily indicate a bull market - just look at the past cycles. ”. In response, CZ responded: "My intuition is that due to the high fees and long block time, BTC is now more like a reserve asset than a trading currency. A lot of new funds are buying ETFs, and these ETFs will not Reflected in on-chain transactions. But my opinion may also be wrong.”
Important data
CoinGecko Lianchuang: The crypto market's new token minting volume reached 600,000 in January
CoinGecko co-founder Bobby Ong said the crypto market saw a surge in new token creation in January, minting 600,000 new tokens, a 12-fold increase from the 50,000 tokens minted each month from 2022 to 2023. . The acceleration of token creation began in the fourth quarter of 2024; the monthly minting volume reached 400,000 before jumping to record levels in January. Blockchain networks and DEXs are also growing rapidly. Data shows that about 5 to 10 new chains are online every month, and the number of new chains peaked at 17 in May 2024. In addition, 89 new DEXs were tracked in March 2024 alone.
Market analysts warn that the surge could lead to a dispersed liquidity. In response to concerns about the impact of the market, Ong acknowledged the potential drawback: “There are too many tokens, and each one distracts traders from limited attention and liquidity. That’s why we haven’t seen the previous few cycles The sharp rise."
According to CryptoSlam data, NFT transaction volume has dropped to $112.7 million in the past seven days. This is a 35.15% drop compared to the previous week. However, market participation has increased significantly, indicating that interest among new traders is increasing despite the low overall value. NFT buyers surged by 624.41% to 203,994; NFT sellers increased by 519.61% to 158,805; NFT transactions fell slightly by 1.41% to 1,443,007.
Ethereum online transaction volume fell 41.25% to $56 million, while buyers rose 81.43% to 30,598. Mythos Chain network ranked second with transaction volume of $13.9 million, up 4.66%. The Solana network remains third with $11 million despite a 32.56%. Polygon (formerly MATIC) network performed strongly, ranking fourth with transactions of $8.1 million, up 10.76%. The Bitcoin network fell to fifth place, with transaction volume of $6.7 million, down 71.42%.
The best-selling NFTs of the week are as follows:
- Uncategorized Ordinals #8912771: $7,749,449 (80.1296 BTC)
- CryptoPunks #2550: $331,955 (125 ETH)
- CryptoPunks #793: $146,683 (53.5 ETH)
- CryptoPunks #9634: $128,988 (47.5 ETH)
- CryptoPunks #9701: $122,883 (45 ETH)
A trader who once made $1.3 million in TRUMP uses insider information to make $6.72 million in LIBRA
According to Lookonchain, a trader who made $1.3 million on TRUMP used insider information to make $6.72 million on LIBRA. Before LIBRA went live, the trader created 2 new wallets and transferred funds to the new wallet to buy LIBRA. As soon as LIBRA went online, he used these two wallets to buy 5.08 million LIBRAs for $2.02 million, and quickly sold them for $8.74 million, making a profit of $6.72 million.
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