Burwick: LIBRA Token Launch – Deceptive Scheme?

• Burwick Law Firm has filed a class action against Kelseir, KIP, and Meteora.
• The firm alleged that the defendants executed an unfair LIBRA token launch.
• Burwick based its filing on an investigation carried out by its counsel.

Burwick Law Firm has initiated a class action in the Supreme Court of New York against Kelseir, KIP, and Meteora, alleging that the parties collaborated to orchestrate an unfair launch of the LIBRA token. 

The law firm claims the accused groups misled purchasers and harmed retail investors through a flawed process.

The law firm confirmed the filing in a recent post on X, noting that this isn’t the first time the defendants have been involved in similar actions. 

They allege that the defendants employed misleading market tactics to exploit participants and secure illegal gains. Furthermore, Burwick Law Firm stated that the group failed to disclose crucial information that would have raised red flags about the project’s viability.

What Evidence is the Law Firm Presenting?

Burwick Law Firm clarified that its filing is based on its counsel’s investigation, which involved reviewing and analyzing press releases, news articles, websites, state corporate filings, and other publicly available information regarding the LIBRA token. 

Based on their findings, the firm accuses Kelsier Ventures, Meteora, and KIP Protocol of planning and executing a deceptive, manipulative, and unfair launch of the LIBRA token.

Related: Argentina Seeks Interpol Red Notice for LIBRA Crypto Scandal Figure

According to reports, Burwick Law Firm believes the LIBRA token launch team carried out a premeditated economic initiative. They suggest the defendants designed the program to stimulate financial growth in Argentina by providing funding to small businesses and startups. The firm pointed to a post on LIBRA’s website that stated; 

“In honor of Javier Milei’s libertarian ideas, we are launching $LIBRA Token, designed to strengthen the Argentine economy from the ground up by supporting entrepreneurship and innovation.”

Related: Argentina Crypto Watchdog Sidesteps LIBRA Mess, Focuses on New Rules

Based on these details, the law firm accuses the defendants of capitalizing on an apparent endorsement by Argentina’s President Javier Milei, creating an impression of legitimacy and presenting the token as a digital asset with significant investment potential.