Oh, the drama! Burwick Law has decided to give Kelsier Ventures, KIP Protocol, Meteora, and their merry band of crypto misfits a taste of their own medicine with a class-action lawsuit. Talk about a plot twist! 🤯
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
The lawsuit claims that these crypto wizards were running a scheme to deceive investors and launch a token that was more of a financial disaster than a fairytale. 🪙🔥
They tried to sell the $LIBRA token as a savior for the Argentinian economy, promising to fund small businesses, start-ups, and educational projects. Even the President of Argentina, Javier Milei, got on board. But it turns out, it was all a big, fat lie. 😡
The defendants allegedly used a one-sided liquidity model on the Meteora DeFi platform, which is like playing Monopoly but with a rigged board. This allowed them to manipulate the token’s price to make it look stable and valuable. 💰📊
And here’s the kicker: 85% of the token’s supply was kept in reserve, giving insiders the power to control its price and float. This led to a 94% drop in the token’s value in the first few hours of trading, as insiders cashed out around $107 million in stable coins like USDC and SOL. 🤑💸
Burwick Law is demanding compensatory and punitive damages, as well as an injunction to stop future token sales fraud. They’re on a mission to punish those who deceive and defraud retail investors in the crypto market. It’s like a superhero movie, but with lawyers and tokens! 🦸♀️🦸♂️
As the investigation continues, this lawsuit could set a major precedent for future crypto fraud litigation. Stay tuned for more drama and legal battles. 📜🔥
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2025-03-18 08:05