Law firm investigates potential fraud in Libra meme coin launch
Over 75,000 wallets reportedly lost $280 million in the Libra token scandal, prompting a potential lawsuit for fraud and racketeering.
The Treanor Law Firm is investigating potential fraud, market manipulation, and racketeering. These issues are related to the controversial launch of the Libra meme coin (LIBRA).
The token, which was heavily promoted by Argentine President Javier Milei, quickly soared to a market cap of $1.17 billion. It crashed 97% after Milei distanced himself from the project. The firm is seeking victims to support a potential lawsuit against those behind the token’s creation and promotion.
The Libra token was marketed as a project designed to boost the Argentine economy and fund small businesses. However, its rapid collapse has raised questions about the validity of the claims made to investors.
The Treanor Law Firm’s investigation is focused on whether investors were misled during the sale and whether market manipulation occurred. Over 75,000 wallets have reportedly lost money, with total losses exceeding $280 million.
In addition to investigating fraud and market manipulation, the firm is considering whether racketeering violations are involved. If racketeering is proven, victims could be entitled to triple damages.
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