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Believe project sued by law firm, tokens plummeted from $120 million to $10 million
【Crypto World】A project is about to face a major incident. Believe and its founder Ben Pasternak are facing a lawsuit from the US law firm Burwick Law, which has opened a registration channel for affected users. Just look at how dire the current situation is: the token has plummeted from a peak of $120 million to $10.15 million, with daily trading volume dropping to only $195,400, and liquidity severely depleted.
The project itself has issues. After rebranding from Launchcoin to Believe in October this year, they also significantly adjusted the economic model. During the upgrade, they set the total token supply at 1.33 billion, a 25% increase from before. Although old tokens can be exchanged 1:1 for new ones, this kind of inflationary upgrade often triggers selling pressure. Now, with the lawsuit, confidence has completely collapsed.