LIBRA Token Creator Seeks Dismissal of New York Lawsuit

Hayden Davis, the creator of the LIBRA token, is asking a New York court to dismiss a class-action lawsuit against him, arguing that the court does not have jurisdiction because LIBRA was offered globally, not specifically in New York. On Wednesday, Davis, who is also the co-founder of Kelsier Ventures, filed a motion in a New York federal court to dismiss the lawsuit brought by a group of LIBRA buyers led by Omar Hurlock. The buyers claim that Davis, along with his siblings and Kelsier Ventures co-founders, misled investors by promoting LIBRA as a project that would support Argentina’s economy while siphoning over $100 million from liquidity pools. Davis Says Court Lacks Jurisdiction Davis argued that he has no ties to New York, does not live or conduct business there, and did not target New York residents with LIBRA promotions. “The LIBRA tokens were offered to any buyer worldwide, with no focus on New York,” Davis said in the filing. He also stated that any statements he made about the token, including promises to repurchase LIBRA, were not made in New York or directed toward its residents. In February, LIBRA token crashed by 94% from a $4.6 billion market cap. Its rise was partly driven by an X post from Argentine President Javier Milei, who praised the token. The lawsuit also named blockchain firm KIP Protocol, its CEO Julian Peh, crypto platform Meteora, and its co-founder Benjamin Chow as defendants. Class Action Group Won Asset Freeze Davis claimed that the class-action suit violates his constitutional rights since it was filed in New York without establishing his connections to the state. He described the project as conceived in Argentina and stated that its related website was “passive,” only collecting applications from Argentine businesses without knowingly providing services to users in other states. In May, the class-action group secured a court order to freeze $57.65 million in USDC tied to the LIBRA token project through stablecoin issuer Circle, intensifying the legal battle. The LIBRA saga also sparked a political scandal in Argentina, with calls for President Milei’s impeachment, though he was later cleared by the country’s corruption watchdog . Now, the class group must prove Davis’s alleged actions connect to New York if the case is to proceed, while Davis seeks a dismissal without prejudice, allowing the claims to be filed in another court if necessary. The post LIBRA Token Creator Seeks Dismissal of New York Lawsuit appeared first on TheCoinrise.com .

Source: The Coin Rise