Burwick Law Files Lawsuit Against Entities Connected to LIBRA Memecoin Launch
A class-action lawsuit alleges Kelsier Ventures, KIP Protocol, and Meteora defrauded investors in a manipulative Libra token launch, causing over $251 million in losses.
Burwick Law, representing a group of aggrieved investors, filed a lawsuit on March 17, 2025, against Kelsier Ventures, KIP Protocol, Meteora, and related parties, alleging a deceptive and manipulative scheme designed to defraud retail investors.
The New York Supreme Court will soon decide a major class-action lawsuit resulting from the controversial Libra (LIBRA) token launch. The lawsuit alleges the defendants orchestrated an unfair token issuance campaign, misleading buyers and causing substantial financial losses exceeding $100 million.
Burwick File Lawsuit Against Libra Launchers
The main claim is that KIP Protocol and Meteora, the companies behind LIBRA, used unfair liquidity pools. The lawsuit says this tricked people into thinking the token was worth more, letting insiders get rich while regular investors lost money. Burwick Law says insiders took about $107 million shortly after the launch, causing LIBRA’s price to fall 94%.
The lawsuit also mentions Argentine President Javier Milei, although he isn’t being sued. Burwick Law says the defendants used Milei’s popularity to promote LIBRA, making it seem more trustworthy than it was. They also hid the fact that they kept 85% of LIBRA tokens and used unfair liquidity pools, keeping key information from investors. The firm says this was a betrayal of trust.
Investors lost a significant amount of money. Research reveals that most of the largest LIBRA wallets sold for less than their purchase price, resulting in losses exceeding $251 million.
Notably, only a small number of wallets made money, about $180 million. The lawsuit says Kelsier Ventures and its boss, Hayden Davis, made about $100 million from this. Davis, who might get an Interpol alert, says he doesn’t own the tokens and won’t sell them.
President Milei Denies Allegations
President Milei, while distancing himself from accusations of directly promoting LIBRA, maintains he merely “spread the word” about the token. This claim is challenged by the lawsuit and by Argentina’s opposition party, which has unsuccessfully called for his impeachment.
Burwick Law is suing to get money back for its clients, punish the defendants, and stop future illegal token sales. KIP Protocol and Meteora haven’t commented yet, but the lawsuit challenges the LIBRA token and its creators.
