LIBRA token creator Hayden Davis has filed a motion to dismiss a class action lawsuit in New York, citing lack of jurisdiction.
Court Jurisdiction and Davis's Arguments
Hayden Davis filed a motion in a New York federal court seeking to dismiss the lawsuit, claiming he has no ties to New York. He emphasized that LIBRA tokens were offered to all buyers worldwide, with no focus on New York residents. In his filing, Davis stated, "LIBRA tokens were offered to any buyer worldwide, with no focus on New York."
The Lawsuit and Allegations Against Davis
A group of LIBRA buyers, led by Omar Hurlock, accuses Davis and his team of misleading investors, alleging that the project was supposed to support Argentina's economy while siphoning over $100 million from liquidity pools.
Legal Consequences and Next Steps
Davis also stated that the class action violated his constitutional rights, as it was filed in New York without establishing his connections to the state. The class action group secured a court order to freeze $57.65 million in USDC tied to the LIBRA project. The group must now prove the connection between Davis's actions and New York for the case to proceed.
The case against Hayden Davis and the LIBRA project continues to evolve, with future legal steps likely affecting the outcome.
