According to lawyers, the BelievE application has become part of the trend “Internet capital markets”, where anyone can attract money, tokenize ideas or products. Burwick Law fears that such platforms promise a light and quick launch of tokens, and then issuers can sell them as utilitarian tokens or property. Many cryptostarts do not even disclose minimal information, ignoring the laws on the protection of consumer rights. Developers may not report who controls liquidity, fees or treasury wallets, Burwick Law said.
The company claims that the concept of “decentralized access to capital” used by Believe is “borrowed from advanced crypto services that deceive retail buyers.” Lawyers are embarrassing that in their refusal to liability, Believe states that users should not sell tokens as digital goods, company shareholders, property, investments or a source of financial profit, and the platform leaves half the income received by tokens.
“If you have lost money on investments in any token launched on Believe, you have the right to compensation. We represent the interests of more than 3,800 customers, on behalf of which there are claims of losses in the amount of more than $ 10 billion on the federal courts, ”Burwick Law said.
In March, lawyers of this company filed a collective lawsuit against organizations Kelsier Ventures, Kip Protocol and Meteora, accusing them of fraud with the launch of Libra token, which was advertised by Argentine President Javier Miley. Last year, Burwick Law offered assistance to investors who lost money on investments in Hawk Memcoin, launched by video blogger Haliey Welch.
Source: Bits
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