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Business

U.S. Class-Action Lawsuit Targets LIBRA Orchestrators

The LIBRA token scandal is being reviewed by the Supreme Court of New York after a class-action lawsuit accused its creators of misleading investors and siphoning over $100 million from liquidity pools.

Haider Jamal
March 18, 2025

Predatory Tactics

Filed by Burwick Law on March 17th, the suit targets Kelsier Ventures, KIP Protocol, and Meteora, claiming they launched the token in a deceptive manner. The token was promoted by Argentine President Javier Milei to attract private investment.

Source: X (@BurwichLaw)

The lawsuit alleges the defendants used a “predatory” liquidity pool to inflate the token’s price, profiting insiders while causing losses for regular investors. Around $107 million was drained from the pools, leading to a 94% drop in value.

Massive Losses

President Milei is mentioned in the lawsuit but he will not be a defendant. Burwick Law is seeking damages, return of profits, and action to prevent similar disasters in the future.

As of this writing, over 86% of wallets linked to LIBRA sold at a loss, totaling $251 million in losses, while Kelsier Ventures and CEO Hayden Davis reportedly made $100 million. Davis denies owning or selling tokens, and Milei claims he only “spread the word” about the token.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.