US Federal Judge Lifts Freeze on Assets Linked to Controversial Libra Token
A US federal judge has made a significant decision regarding the assets linked to the controversial Libra token. The token, which was launched in February and promoted by Argentine President Javier Milei, has been at the center of a legal battle.
The judge’s decision to lift the freeze on the assets was based on the defendants’ compliance with the court process, indicating that there was no risk of escape. This ruling comes as a relief to those involved in the case.
In June, a lawsuit seeking more than $100 million in damages resulted in $57.6 million in USDC being frozen in two wallets controlled by Hayden Davis and Ben Chow. Davis is the CEO of venture capital firm Kelsier Labs LLC, while Chow is the founder of decentralized exchange Meteora.
U.S. District Judge Jennifer L. Rochon emphasized that the defendants had not engaged in illegal behavior and were cooperating with the court process. She stated that the plaintiffs had not provided enough evidence to demonstrate irreparable harm.
“It is clear that damages can be compensated by monetary compensation. The plaintiffs have not presented sufficient evidence to show irreparable harm.”
Following the judge’s decision, the freeze on $57.6 million worth of USDC was lifted. However, the assets remain in the two initially frozen wallets, with one holding $13.06 million and the other containing $44.59 million.
After the ruling, the price of LIBRA experienced a 73% increase. Despite this, the token is still down 99.5% from its all-time high of $3.28 on February 15, 2025.
*Please note that this article is for informational purposes only and should not be considered investment advice.