tl;dr
New York-based legal firm Burwick Law has filed a class action lawsuit against parties involved in the LIBRA, the Argentinian meme coin scandal. The lawsuit targets KIP, Meteora, and Kelsier, alleging serious financial misconduct. This follows previous lawsuits by the firm against meme coin projects...
New York-based legal firm Burwick Law has filed a class action lawsuit against parties involved in the LIBRA, the Argentinian meme coin scandal. The lawsuit targets KIP, Meteora, and Kelsier, alleging serious financial misconduct. This follows previous lawsuits by the firm against meme coin projects. The lawsuit accuses the parties of orchestrating an unfair token launch, misleading purchasers, and harming retail investors. The lawsuit does not name Argentine President Javier Milei as a defendant, instead targeting private companies involved in the LIBRA launch. The firms involved include KIP Protocol, Meteora, and Kelsier Ventures. The lawsuit alleges that these parties engaged in deceptive and manipulative conduct, artificially inflating the token's price and causing a collapse. There are unresolved questions surrounding the scandal, and the lawsuit aims to address the issues and prevent damage to the industry.
New York-based legal firm Burwick Law filed a class action lawsuit against the main parties involved in LIBRA, the Argentinian meme coin scandal. The lawsuit specifically targets KIP, Meteora, and Kelsier, but not President Javier Milei. Over the past few months, the firm has filed several lawsuits against meme coin projects. It alleges serious financial misconduct from all these parties.
Burwick Law seems to be in a legal battle against meme coin scammers, having filed suits against Hawk Tuah’s promoters and Pump.fun in the past. The recent lawsuit focuses on the LIBRA meme coin. The firm alleges that Kelsier, KIP, Meteora, and related parties orchestrated an unfair token launch, allegedly misleading purchasers and harming retail investors. The LIBRA launch turned into a massive fiasco in February, leading to active investigations and arrest warrants against the principal actors. The lawsuit accuses the parties involved with LIBRA of “deceptive, manipulative, and fundamentally unfair” conduct, including artificially inflating the token’s price and causing a collapse.
The initial name behind the LIBRA meme coin launch was KIP Protocol, a Web3 AI base layer. However, the firm distanced itself from any rug pull allegations. Meteora, a decentralized crypto exchange, was also involved in LIBRA, with the company’s co-founder resigning in the aftermath. Kelsier Ventures, LIBRA’s market maker, has faced scrutiny, with its CEO Hayden Davis admitting to past scams. Davis is the only person with an active arrest warrant against him in connection with the scandal. Data engineer Fernando Molina alleged that parties involved tried to launch two other Argentina-centric tokens before LIBRA, and there remain unanswered questions about the whole scandal and its potential impact on the industry.