Burwick Law Firm announced on March 18 that it had submitted a collective complaint at the New York Supreme Court on behalf of its agent. The law company claimed that KELSIER, KIP, Meteora and relevant parties set up an unfair symbolic launch of the scale.
The law firm believes that the accused parties claim that buyers have been harmed by retailers by launching an unfair scale. The company noted that this style was similar to many other symbols launched by the defendants. The lawsuit noted that the defendants gained at the expense of the participants through the misleading marketing tactics and the failure to reveal the material facts that had raised concerns about the validity of the project.
Burwick Law files a complaint against KELSIER, KIP and Meteora
Tonight, our company filed a collective complaint at the New York Supreme Court on behalf of our customer. We claim that KELSIER, KIP, Meteora and relevant parties have organized an unfair symbolic launch ($ LIBRA), and it was claimed to be misleading to buyers and hurting retailers. pic.twitter..h7dd2laark
Burwick Law (Purwicklaw) March 18, 2025
Burwick Law Firm filed a complaint with the New York Supreme Court on behalf of its customer. The company admitted that the prosecutor’s information was based on the investigation of their lawyers, which included reviewing and analyzing press data, news articles, websites, government companies files and other information available to the public regarding the balance code.
Lawyer has claimed that the Kelsier Ventures, Meteora and KIP protocol organized a deceptive, manipulation, and inclined mainly for the scale symbol. The company believes that the defendants promoted digital assets as a meaningful economic initiative aimed at enhancing economic growth in Argentina by financing small companies and startups.
Read the official Libra website partially “In honor of Javier Millie’s liberal ideas, we launch a symbol of $ Libra, designed to enhance the Argentine economy from A to Z by supporting entrepreneurship and innovation. “
The promotional efforts of the symbol benefited from the support of the President of Argentina, Javier Millie, who created the emergence of legitimacy and the great investment value of the symbol. The law firm noticed that buyers did not know that the defendants had implemented an unfair and symbolic distribution strategy using liquidity pools on the decentralized exchange platform in the meteorological.
The defendants benefit from a single -side liquidity model
Burwick Law FIRM claimed that the defendants used a mono -side liquidity model unlike the model decentralized financial structures, which depend on original liquidity with aspects. Liquidity with distinctive sides often includes the balance with stable assets such as USDC or Sol. Lawyer Office High The unilateral liquidity model has amplified the price of the scale and created an illusion of the stability and value of the market as there is nothing really.
The complaint also indicated that the defendants artificially control the price of the distinctive symbol and the treated market dynamics by structuring the liquidity pools exclusively using the scale icon. The company admitted that the defendants strategically withholding about 85 % of the total symbol supply at all, which directly maintained exclusive control over the evaluation of the distinctive symbol and liquidity.
Burwick also claimed that the defendants were able to extract stable assets such as USDC and Sol from the retail buyer once the trading began. The lawsuit noted that those familiar with the defendant quickly about $ 107 million in liquidity complexes within hours, causing an immediate breakdown of 94 % in the symbolic market evaluation.
The law firm also accused the defendants of not revealing important material facts for buyers about the scale icon. The defendants did not know the potential buyers about real liquidity structures, internal control of the distinguished symbol supplies, and the deliberate mechanisms that allow the informed people familiar with the investment of symbolic property secretly. Burwick Law Firm claimed that the defendants had created a misleading narration that strengthened the scale as a legitimate producer aimed at supporting economic growth in Argentina.
The lawsuit highlighted that Meteora participated in both technological aspects and market management to launch the distinctive symbol. She directly enabled and supported the interior trading mechanism that caused great damage to the retail investor category.
The law firm said that the prosecutor and the class were subjected to financial losses due to the behavior of the defendant and the fraudulent defendants. Burwick Law Firm noted that the prosecutor was seeking compensation, punitive and dismantling of the profits that were unfairly obtained. The prosecutor was also looking for restraint relief to prevent further fraudulent symbolic offers and appoint a reception to protect the remaining safe investor assets.
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