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Have Fun With A Quiz in Gate Chat Group & Unlock Big Rewards!
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2026 starts with this post!Gate 2025 Year-End Gala Square TOP50 List Announced!
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The law firm initiated a lawsuit, BELIEVE tokens slashed from $120 million to tens of millions
【BlockBeats】American law firm Burwick Law announced on December 25th that it plans to file a lawsuit against Believe and its founder Ben Pasternak, and open registration channels for affected investors.
The background of this lawsuit is that the BELIEVE ecosystem completed an upgrade from LAUNCHCOIN to BELIEVE tokens in October this year. However, the market performance after the upgrade was not ideal—BELIEVE tokens plummeted from a historical peak of $120 million to just $10.15 million in market capitalization, shrinking by nearly ninety times. Daily trading volume also remained sluggish, staying around $195,400.
Burwick Law is not new to the crypto field. The firm has previously initiated lawsuits against projects such as LIBRA, M3M3, pump.fun, and others, accumulating considerable experience in handling crypto asset disputes. Whether this lawsuit will proceed successfully remains a topic of ongoing industry attention.