A US federal judge has lifted a freeze on assets linked to the controversial Libra token, which was launched in February and promoted by Argentine President Javier Milei.
The decision stated that there was no risk of escape due to the defendants’ compliance with the court process.
In June, as part of a lawsuit filed by plaintiffs seeking more than $100 million in damages, a total of $57.6 million in USDC was frozen in two wallets controlled by Hayden Davis, CEO of venture capital firm Kelsier Labs LLC, and Ben Chow, founder of decentralized exchange Meteora.
U.S. District Judge Jennifer L. Rochon stated that the defendants had not exhibited “illegal behavior” and were complying with court process, stating:
“It is clear that damages can be compensated by monetary compensation. The plaintiffs have not presented sufficient evidence to show irreparable harm.”
Following the decision, the hold on $57.6 million worth of USDC was lifted. These assets remain in the two initially frozen wallets: one with a balance of $13.06 million and the other with a balance of $44.59 million.
Following the decision, the price of LIBRA rose 73%. However, the token is still down 99.5% from its all-time high of $3.28 on February 15, 2025.
*This is not investment advice.
