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In the grand theater of New York, the legal firm Burwick Law has taken center stage, filing a class action lawsuit against the key players in the LIBRA saga, a scandal that has left the Argentinian meme coin scene in shambles. The lawsuit, a veritable opera of legal drama, specifically targets KIP, Meteora, and Kelsier, while curiously omitting President Javier Milei from the cast. 🎭
Over the past few moons, this firm has been on a crusade, launching lawsuits against various meme coin projects, alleging a cornucopia of financial misconduct. One might wonder if they have a secret vendetta against digital currency shenanigans!
A LIBRA Lawsuit in New York
With the fervor of a knight battling dragons, Burwick Law appears to be waging a legal war against the nefarious meme coin scammers. In December, they took aim at Hawk Tuah’s promoters, and a month later, they unleashed their legal fury on Pump.fun for alleged IP violations. Talk about a busy courtroom! ⚔️
Just yesterday, they filed yet another class-action lawsuit, this time focusing on the infamous LIBRA meme coin.
“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 their merry band orchestrated an unfair token launch (LIBRA), misleading purchasers and harming retail investors,” the firm proclaimed on social media, as if announcing a new blockbuster film.
The LIBRA launch in February was nothing short of a spectacular fiasco, and this lawsuit joins a chorus of active investigations and arrest warrants aimed at the principal actors. It’s like a reality show, but with more lawyers and fewer roses!
Burwick accuses these parties of “deceptive, manipulative, and fundamentally unfair” conduct, claiming they inflated the token’s price only to orchestrate a dramatic collapse—what the cool kids call a pump-and-dump. 🎢
Surprisingly, the lawsuit does not name Argentine President Javier Milei as a defendant. Perhaps he’s too busy downplaying his connections to the debacle, or maybe he’s just dodging the spotlight like a seasoned politician!
Instead, Burwick’s legal arrows are aimed at the private companies that facilitated the LIBRA launch: KIP, Meteora, and Kelsier. A curious choice, indeed!
“The complaint details how, according to our allegations, one-sided liquidity pools were used to artificially inflate LIBRA’s price. We further allege that approximately 85% of supply was withheld at launch, enabling insiders to profit while everyday buyers bore the losses,” Burwick Law stated, as if revealing the plot twist in a gripping novel.
Who Were the Culprits Behind the LIBRA Scandal?
The initial name behind the LIBRA meme coin launch was KIP Protocol, a Web3 AI base layer. However, they have distanced themselves from any rug pull allegations, claiming innocence like a child caught with their hand in the cookie jar.
KIP insists they did not launch or profit from LIBRA, merely offering to “assist in managing the project’s financing initiative.” Meanwhile, the other firms seem to have clearer connections, like a web of intrigue!
Meteora, a decentralized crypto exchange, was deeply entangled in the LIBRA affair. Their co-founder resigned in the aftermath, maintaining his innocence as if he were a character in a Shakespearean tragedy.
Notably, Meteora’s reputation was already tarnished by the TRUMP meme coin. This small exchange was the first to host the token, which skyrocketed its TVL by over 300% in mere days. Talk about a meteoric rise! 🚀
Kelsier Ventures, the market maker for LIBRA, appears particularly vulnerable to lawsuits. In a shocking interview, CEO Hayden Davis defended his actions, admitting to past scams while claiming he did nothing out of the ordinary. A true master of deflection!
Davis was in talks to launch a similar meme coin with the Nigerian government and was recently linked to a Wolf of Wall Street-themed meme coin. It’s no surprise that he’s the only one with an
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2025-03-19 02:35