In a new episode of the controversy due to the failed release of Token Libra, the entities involved were sued in a New York court. The Buffet Berwick Act argues that a one-sided liquidity fund of “predators” is used to artificially inflate the prices of tokens, allowing people with privileged information to earn a great deal of profit.
Burwick Law Studio specializes in cases related to digital assets. According to their website, the purpose is to attend tokens and NFT investors to demand responsibility from the creator of the project. The lawsuit will be added to those already filed by Moyano and Associates. Its main partner is attorney Mariano Adalberto Moyano Rodríguez. in short, This case does not stop acquiring new dimensions.
(5) When building a liquidity pool only with Libra tokens, the defendant artificially controlled prices and manipulated the market. Furthermore, they strategically held around 85% of the total supply at launch, thus maintaining exclusive control over valuation and liquidity… (6) This allowed the defendant to extract careful and systematic stubcoins for retail purchases, especially USDC and SOL, after trade was launched. In a few hours, the defendant quickly adopted a US$107 million liquidity fund, causing an immediate collapse of 94% in the token market valuation.
Demand introduced by Burwick Law.
According to the survey, Defendants use the influence of Argentine President Javier Mailey to provide an aggressive promotion of tokens.provides a false validity shield. Milei’s mention is subject to the fact that the parties involved used media support – he has not been blamed for what happened – which has led buyers to believe in the financial potential of the initiative. “The defendant created a false narrative and promoted Libra as a legitimate product aimed at promoting Argentina’s financial growth,” the complaint states.
(51) By repeatedly highlighting the launch of the token, the famous support of Argentine President Javier Mailey and the concepts of economic revitalization, decentralized funding, and financial transparency, the defendant has been purposefully uced to believe that it was believed to be the product of the token Libra was a well-structured digital asset with clear economic objectives and ongoing support from its development team and its related persons.
Demand introduced by Burwick Law.
therefore, The buffet will require compensation for the victim and compensation for the benefits obtained by the parties involved.. In the same X-thread that they published in the lawsuit, they have expressed that “they will never file a light lawsuit,” and although this stage focuses solely on formulating the charges, they hope to deal with the rest of the court soon.
It should be noted that attorney Gregorio Dalbon is another expert in tracking the case, to the point that Hayden Davis, one of the key figures in the creation of the project, has recently expressed concern that he will try to go to a secret. To prevent this, Darbon filed and requested an international detention request. Activate the red interpol alert.
The launch of Libra has caused economic losses to thousands of people. According to the Solana Post, the number of traders affected by token collapse is significantly higher than the training reported at the beginning. Argentine president Javier Mairay denied that more than 40,000 people were involved, but said there were around 5,000 people (mainly Americans and Chinese). There is a report revealing more than 74,000 traders affected by losses of over 280 million US dollars.
(TagStoTRASSLATE)Argentina (T)Cryptocurrency (T)Latest Relevance
