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From initial to mainstream launch and then failure, the LIBRA token has remained in the media; in a most recent development, it has been reported that New York’s Supreme Court is set to review the high-profile reported scam case.
According to a recently filed lawsuit, the mastermind behind the development and launch of the LIBRA token has looted thousands of users, and total losses are estimated to be nearly $100 million. This case was filed by Burwick Law against Kelsier Ventures, Meteora, and KIP Protocol, accusing them of artificially manipulating technical data to lure more investors.
Memecoins using artificial techniques to victimize masses
The complaint filed by Burwick calls KIP and Meteora primary accused behind the high profile memecoins scam, which shocked the market, resulting in a wipeout of over $100 million; these firms are also accused of using ‘predatory’ one side liquidity pool to artificially manipulate the price of memecoins helping the insider to book profits.
It is worth noting that the Libra memecoin was also promoted by the president of Argentina through his official X account. Still, the post was deleted later, and he said he was unaware of the facts and information.
According to the X account of Burwick Law, the firm offers services related to digital consumer protection for those who have lost crypto investment.
In the past few years, the involvement of political leaders has surged in the crypto market, which is helping the market reach new heights while affecting the long-term growth of the crypto market.
The X post of Burwick Law, dated March 18, 2025, says, “ Tonight, our firm filed a class action complaint in the Supreme Court of New York on behalf of our client. We allege that Kelsier, KIP, Meteora, and related parties orchestrated an unfair token launch ($LIBRA), allegedly misleading purchasers and harming retail investors.”
According to some reports and data, Hayden Davis is the creator of LIBRA, and MELANIA has created several other memecoins, which helped him gain huge profits by victimizing people.
Bogus tokens were pumping the memecoin market capitalization
In the mid of 2024, the memecoin market was recorded near the unprecedented milestone that it never mirrored, yet it is argued that the back-to-back launch of memecoin solely fueled the bullishness.
However, the launch rate was at its peak, and at the time of the launch of Official Trump, it was reported that around 3,600 memecoins had been launched in the same name to mislead investors.
There is no doubt about the strengths and features that memecoins offer, yet identifying worth investment is quite tough, resulting in losses of over a billion every year.
In the last majority of reports, scamming nature memecoins were launched or deployed over the Solana blockchain, which is termed as one of the fastest and most scalable chains in the market.
