CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino
coinpedia 2025-03-18 08:09:29

Burwick Law Sues LIBRA Memecoin Creators Over Deceptive Token Launch

The post Burwick Law Sues LIBRA Memecoin Creators Over Deceptive Token Launch appeared first on Coinpedia Fintech News The Supreme Court of New York is set to review the Libra token case after a class-action lawsuit was filed against its creators. The lawsuit claims the creators misled investors and took over $100 million from its one-sided liquidity pools. The case is gaining attention as it could have significant implications for how crypto projects handle investors’ money. Burwick Law filed a lawsuit on behalf of its clients on March 17 against Kelsier Ventures, KIP Protocol, and Meteora for launching the Libra (LIBRA) token in a deceptive and unfair way. The token was then promoted by Argentine President Javier Milei on X as a way to boost private-sector funding in the country. Tonight, our firm filed a class action complaint in the Supreme Court of New York on behalf of our client. We allege that Kelsier, KIP, Meteora, and related parties orchestrated an unfair token launch ($LIBRA), allegedly misleading purchasers and harming retail investors. pic.twitter.com/H7dD2LaARK — Burwick Law (@BurwickLaw) March 18, 2025 $107M Drained from Pools The law firm criticized KIP and Meteora, the two companies behind LIBRA, for using a “predatory” one-sided liquidity pool to artificially raise the price of the token. This allowed insiders to profit while ordinary buyers took the losses. Burwick Law claims that within hours, insiders drained about $107 million from the pools, causing LIBRA’s value to crash by 94%. While President Milei was mentioned in the lawsuit, he was not named as a defendant. Burwick accused the companies of using Milei’s influence to aggressively promote LIBRA, creating a false sense of legitimacy and misleading investors about its potential. Approximately 85% of LIBRA’s tokens were held back at launch, and the “predatory tactics” used by the companies were not disclosed to investors. Burwick Seeks Compensation Burwick is seeking financial compensation for damages, punishment for wrongdoing, the return of profits made unfairly, and a court order to prevent future fraud in token offerings. A blockchain research firm, Nansen, found that more than 86% of the largest 15,430 Libra wallets sold at a loss, losing a total of $251 million. Only 2,101 wallets made a profit, totaling $180 million. Kelsier Ventures and CEO Made $100M Kelsier Ventures, the company behind the LIBRA token, and its CEO, Hayden Davis, were among the biggest winners, making around $100 million. Davis, now facing a potential Interpol red notice, said that he didn’t directly own or sell the tokens. Meanwhile, Argentina’s president-elect, Milei, has said he didn’t promote the LIBRA token, only “spread the word,” despite lawsuits claiming otherwise. Argentina’s opposition has called for his impeachment, but they haven’t been successful so far.

면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.