Burwick Law has filed a class action lawsuit against Kelsier Ventures, KIP Protocol, and Meteora, accusing them of deception in the LIBRA token launch.
Lawsuit Against Kelsier Ventures
Burwick Law filed a lawsuit in the Supreme Court of New York, accusing Kelsier Ventures and partners of an unfair token launch of LIBRA. The developers allegedly manipulated liquidity and misled investors with false promises.
Consequences of the LIBRA Token Deception
To maintain control over the token’s value, developers withheld 85% of its supply. Insiders allegedly withdrew $107 million when trading began, leading to a 94% price collapse.
Political and Economic Effects
The LIBRA token scandal has garnered political attention. Opposition politicians in Argentina have called for President Javier Milei’s impeachment, citing allegations of fraud. Analysts say the crisis could hurt his image ahead of elections.
The lawsuit by Burwick Law aims to provide restitution for impacted investors and prevent future scams of this nature.
