Libra Creators Accused of Misleading Investors
The Libra token scandal is under review by the New York Supreme Court following a class-action lawsuit alleging its creators misled investors and extracted over $100 million from imbalanced liquidity pools.
Filed by Burwick Law on behalf of clients against Kelsier Ventures, KIP Protocol, and Meteora on March 17, the suit claims the Libra (LIBRA) token was launched in a “deceptive, manipulative, and fundamentally unfair” way. Argentine President Javier Milei promoted the token on X as an initiative to boost private-sector funding in the country.
The law firm criticized KIP and Meteora, the crypto infrastructure and launchpad firms behind LIBRA, accusing them of using a “predatory” liquidity pool to artificially inflate the memecoin’s price, benefiting insiders while “everyday buyers bore the losses.”
