Burwick Law Introduces Class Action Lawsuit Against Libra Token Co-Founders

The class action lawsuit, filed by Burwick Law before the Supreme Court of New York, alleges that Kelsier Ventures, KIP Protocol, Meteora, and other related parties orchestrated an unfair token launch, misleading purchasers and harming Libra's retail investors.

Law firm Burwick Law has commenced a class action lawsuit in the Supreme Court of New York against the founders of the Libra token, reports BlockNews.

The lawsuit alleges that Kelsier Ventures, KIP Protocol, Meteora, and other related parties engaged in an unfair token launch, defrauding purchasers and causing harm to Libra’s retail investors.

The complaint names several parties, including those who participated in launching the Libra token, which was announced at a press conference with President Javier Milei.

However, the lawsuit focuses on the actions of Kelsier Ventures, KIP Protocol, and Meteora in engaging single-sided DeFi pools from Meteora to carry out this alleged scam.

According to Burwick Law, these activities allowed the defendants to extract SOL and USDC from retail just hours after trading commenced.

The lawsuit further claims that defendants’ insiders rapidly siphoned approximately $107 million from the liquidity pools, causing an immediate 94% collapse in the token’s market valuation.

This exploitation is alleged to have defrauded purchasers of the Libra token and caused significant financial damage to retail investors.

Those interested in joining the class action lawsuit are urged to contact Burwick Law at (800) 444-8364 or email info@burwicklaw.com for information on their rights and options.

As Milei announced his candidacy for president in 2023, promising to close the Central Bank, adjust the currency to the dollar, and drastically change the political landscape, his campaign slogan is "La Libertad Avanza," which is also the name of his political party.

Earlier this year, reports surfaced that an Interpol Red Notice had been requested in connection with the Libra token scam.

The scam, which has been widely discussed in crypto space, involved the creation of a new token called Libra, named after the Roman goddess of balance, allegedly as part of a broader effort to introduce cryptocurrency to Argentina.

The scam came to light after President Javier Milei announced the launch of the Libra token, signaling the beginning of a new chapter in cryptocurrency investment.

However, the mood quickly soured as the token, which was touted as a revolutionary innovation, experienced a staggering 94% crash within a matter of hours.