Investigation into Memecoin involving Libra stalls due to missing essential suspect from Argentina
In the world of cryptocurrency, Julian Peh, a prominent figure with ties to Latin America's sector, finds himself under scrutiny by the U.S. Department of Justice. The focus of the investigation is Peh's alleged involvement in the launch of the Libra token, a digital currency that has been mired in controversy.
The investigation aims to unravel the details of the Libra launch, identify those who coordinated its promotion, and examine whether public figures knowingly participated in activities that breached financial or securities laws.
In May, a Temporary Restraining Order was issued against Peh, freezing nearly $58 million in USDC. The order was filed by Omar Hurlock, represented by Burwick Law, who alleges that Libra promoters engaged in deceptive marketing and violated consumer protection laws.
Peh, who is the CEO of KIP Protocol, is a co-defendant in a class-action lawsuit related to the LIBRA token launch. He is implicated alongside Hayden Davis, the creator of LIBRA, and Benjamin Chow, co-founder of Meteora, in allegations of misleading claims about the LIBRA token's role in the Argentine economy and orchestrating a crypto scam involving the failed LIBRA memecoin.
Interpol Singapore has reported difficulties in apprehending or identifying Peh in the ongoing investigation. The investigation and lawsuit focus on the LIBRA token's misleading promotion and subsequent crash shortly after its launch in February 2025. The U.S. court filings reveal that the token was admitted by its promoter, Hayden Davis, to be a memecoin with no real investment value, contradicting claims made during its promotion.
The role of Julian Peh is tied to his leadership of KIP Protocol, which, alongside the other defendants, faces scrutiny for their involvement in the launch, promotion, and alleged fraud surrounding LIBRA. All three defendants, including Peh, are scheduled to appear in court as part of the continuing legal process.
The complaint in the class-action lawsuit alleges that these actions caused harm to investors. The investigation also involves Kelsier Ventures' Hayden Adams, Mauricio Novelli, and Manuel Terrones Godoy in relation to the Libra token launch.
As the investigation unfolds, the cryptocurrency community and investors alike will be watching closely to see how this high-profile case develops.
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