LIBRA memecoin orchestrators named as defendants in US class-action suit

Kelsier Ventures, KIP Protocol and Meteora have been sued in a New York court for their alleged role in the Libra token scandal, which saw around $107 million pooled from investors.

Update March 18, 6:42am: This article has been updated to reflect that Cointelegraph reached out to KIP Protocol and Meteora.

The Libra token scandal is set to be reviewed by the Supreme Court of New York after a newly filed class-action lawsuit accused its creators of misleading investors and siphoning over $100 million from one-sided liquidity pools.

Burwick Law filed the suit on behalf of its clients against Kelsier Ventures, KIP Protocol and Meteora on March 17 for launching the Libra (LIBRA) token in a “deceptive, manipulative and fundamentally unfair” manner. The token was then promoted by Argentine President Javier Milei on X as an economic initiative to stimulate private-sector funding in the country.

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