US Judge Unfreezes $57.6M in USDC Linked to Libra Token Scandal
- A US judge has unfrozen $57.6 million in USDC stablecoins connected to the Libra token scandal.
- The funds were frozen in May during a class-action lawsuit against Hayden Davis, Ben Chow, and others.
- Judge Jennifer L. Rochon stated that the defendants did not show “irreparable” harm as funds for victim reimbursement remain accessible.
- The Libra token, launched in February, was promoted by Argentine President Javier Milei and resulted in a $107 million rug pull within hours of its launch.
- Milei has distanced himself from the project amid ongoing investigations into potential ethics violations related to his promotion of the token.
The unfreezing of these stablecoins is significant as it allows access to funds previously withheld during legal proceedings surrounding one of the largest rug pulls in crypto history, impacting numerous investors.
This development follows a class-action lawsuit involving key figures like Hayden Davis and Ben Chow, highlighting ongoing legal challenges stemming from the $107 million loss associated with the Libra token scandal. (Source)
