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Tokens drop from 120 million USD to tens of millions, Believe founder faces lawsuit
【Blockchain Rhythm】Another project falls into a legal whirlpool. The well-known law firm Burwick Law recently announced that they will officially sue Believe and its founder Ben Pasternak, and have opened registration channels for affected community members.
The incident dates back to October. At that time, the Believe ecosystem was still promoting the upgrade migration from LAUNCHCOIN to BELIEVE tokens. But the reality is harsh—the BELIEVE token’s market cap has dropped from a historical high of $120 million to only $10.15 million. Even more heartbreaking, the daily trading volume is only $195,400, and liquidity has almost become a decoration.
Burwick Law is not a newcomer in the field of crypto litigation. They have previously handled cases for projects like LIBRA, M3M3, pump.fun, and others. This lawsuit against Believe is sure to become another focal point in the industry. For token holders, this is also a profound lesson—the market risks are always present.