So, Burwick Law, a firm based in the bustling metropolis of New York, has decided to throw its hat into the ring of chaos by filing a class action lawsuit against Kelsier Ventures, KIP Protocol, and Meteora. Apparently, these fine folks are accused of pulling off a launch so deceptive it could make a magician weep with envy. 🎩✨
According to the lawsuit filed on March 18—because who doesn’t love a good legal drama?—the developers of the LIBRA token allegedly played a game of financial Twister, manipulating liquidity to swindle retail traders out of millions. And let’s not forget the false promises that were as empty as my fridge on a Sunday night. 🍕
LIBRA was marketed as a shiny new initiative to boost Argentina’s economy, even snagging the endorsement of President Javier Milei. But instead of a fair launch, it seems the developers opted for a one-sided liquidity pool, inflating prices like a balloon at a child’s birthday party. 🎈
“Tonight, our firm filed a class action complaint in the Supreme Court of New York on behalf of our client. We allege that Kelsier, KIP, Meteora, and related parties orchestrated an unfair token launch ($LIBRA), allegedly misleading purchasers and harming retail investors.”
— Burwick Law (@BurwickLaw) March 18, 2025
In a move that would make even the most seasoned poker player blush, they withheld a staggering 85% of the token’s supply. Insiders allegedly made off with $107 million when trading began, leading to a price collapse that was more dramatic than my last attempt at karaoke. 🎤💔
Burwick Law isn’t just looking to get some cash back for the impacted investors; they’re also hoping to put a stop to future scams. Meanwhile, Argentine attorney Gregorio Dalbón is on a mission of his own, requesting an Interpol Red Notice for Hayden Davis, the CEO of Kelsier. Apparently, he’s got enough wealth to make a run for it, and Dalbón isn’t having any of it. 🏃♂️💨
A Red Notice is basically Interpol’s way of saying, “Hey, can we borrow this guy for a bit?” It’s like a global game of hide and seek, but with more paperwork.
The LIBRA token made its grand debut on Solana (SOL) on February 14, quickly ballooning to a $4.4 billion market cap before crashing harder than my hopes of becoming a professional dancer. It wiped out over $280 million in value across nearly 75,000 traders. This debacle has been dubbed “Cryptogate,” which sounds like a bad sci-fi movie, and has sparked a flurry of allegations of insider trading and market manipulation. 🚀
According to a report from Crypto.news, insiders like Kelsier Ventures were able to snag LIBRA tokens before the public launch, raking in over $100 million through early trades. It’s like they had a VIP pass to the financial apocalypse. 💸
And if you thought this was just a financial fiasco, think again! The LIBRA memecoin scandal has caught the attention of political figures in Argentina, with opposition politicians calling for Milei’s impeachment. Analysts are saying this could seriously tarnish Milei’s image as the economic savior he’s trying to be, especially with midterm elections looming like a bad haircut. 🗳️✂️
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2025-03-18 10:32