Burwick Law has filed a federal class-action lawsuit against the creators of the $M3M3 token, alleging fraud and securities violations. This legal action affects some entities linked to the controversial collapse of the LIBRA token.
Different Cases, Same Players
Burwick Law, alongside Hoppin Grinsell, filed a lawsuit in the Southern District of New York against Meteora, Kelsier Ventures, and individuals, including Ben Chow and the Davis brothers. The complaint claims the $M3M3 token, launched on December 4, 2024, was a “blatant fraud” planned by the defendants. The lawsuit claims that it allegedly misled investors by promising high returns while manipulating the token’s value, leading to significant financial losses.
The lawsuit details a scheme in which insiders controlled the token supply and used deceptive liquidity pools to siphon funds, mirroring tactics used in the LIBRA token scandal.
The LIBRA token, launched in February 2025, collapsed by 94% after insiders allegedly drained $107 million from its liquidity pools. Burwick Law’s earlier lawsuit against Kelsier, KIP Protocol, and Meteora for LIBRA’s “deceptive and unfair” launch set the stage for this new case.
The $M3M3 lawsuit builds on evidence of similar predatory practices, with the defendants accused of withholding 85% of the token supply to manipulate prices. This repeat behavior prompted Burwick Law to act swiftly, citing a pattern of misconduct by the same players.
Burwick’s Stance Triggers Reactions
The crypto community is agog with posts on X reflecting outrage and calls for stricter regulations. Investors, already wary of LIBRA’s fallout, feel betrayed and hail the law firm’s strict stance, as one X user noted, “DON’T FADE @burwick_max !!!”
Burwick Law’s aggressive stance has sparked hope among victims seeking compensation and justice. The firm’s push for punitive damages and injunctions against future fraudulent token launches underscores the case’s weight.
This lawsuit could reshape the crypto landscape, showcasing the need for oversight in memecoin markets. Legal experts see it as a potential precedent for holding crypto insiders accountable. As Argentina’s LIBRA probe escalates, the $M3M3 case beckons for global scrutiny of unregulated tokens, urging investors to tread cautiously in a volatile market.
