Burwick Law Files Class-Action Lawsuit Against LIBRA Meme Coin Backers
Burwick Law has filed a class-action lawsuit in the Supreme Court of New York against key figures involved in the LIBRA meme coin case. The lawsuit targets KIP, Meteora, and Kelsier for misleading investors and manipulating the token's price.
- The lawsuit claims that these parties artificially inflated LIBRA's value using a pump-and-dump scheme.
- 85% of the total token supply was allegedly withheld at launch, allowing insiders to profit while retail investors suffered losses.
- KIP Protocol denies involvement in financial misconduct, stating it only assisted with project financing.
- Meteora's co-founder resigned amid scrutiny but claims no fraudulent activity occurred.
- Kelsier Ventures’ CEO, Hayden Davis, admits to past scams and now faces an active arrest warrant.
- Investigations link the LIBRA project to two other tokens, ARG and MILEI, suggesting they were test runs for LIBRA.
- The case raises questions about regulatory oversight in the cryptocurrency market and calls for stronger safeguards for retail investors.
The outcome of the lawsuit could set a precedent for holding token issuers accountable and may influence future regulations in the crypto space.