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.
