A U.S. federal court has frozen approximately $57.65 million in the stablecoin USDC in a class-action lawsuit related to the controversial Libra meme coin.
The class-action representative attorney Max Burwick provided on-chain data to Cointelegraph, indicating that nearly $57 million in USDC was frozen on May 28 after a temporary restraining order was approved by a Manhattan court.
Burwick told Cointelegraph, "Yesterday, the U.S. District Court for the Southern District of New York issued a temporary restraining order at the request of our Burwick Law firm, supported by Tim Treanor, freezing approximately $57.65 million in USDC held by Circle."
He added that the court plans to hold a hearing on June 9 to determine whether these assets will remain frozen as the class action progresses.
Burwick represents Omar Hurlock and other plaintiffs, who filed a class-action lawsuit on March 17 against the crypto venture firm Kelsier Ventures and its three co-founders Gideon, Thomas, and Hayden Davis, accusing them of creating the Libra cryptocurrency and misleading investors to illegally obtain over $100 million from a one-way liquidity pool.
The lawsuit also names blockchain infrastructure company KIP Protocol and its CEO Julian Peh, as well as Meteora and its co-founder Benjamin Chow as defendants.
Cointelegraph has reached out to Chow's attorney, Kelsier Ventures, and KIP Protocol for a response.
The market capitalization of LIBRA surged to $4 billion after Argentine President Javier Milei posted on the X platform on February 14, but it plummeted 94% just hours later.
This incident sparked a political storm for Milei, prompting members of the Argentine opposition to call for his impeachment, although these calls have not made substantial progress beyond the statements themselves.
Polling platform Zuban Córdoba's data from March indicated that the Libra scandal negatively impacted Milei's public image and support for national governance.
A total of $57.65 million in USDC was frozen in two Solana wallets at 3:15 and 3:18 UTC on May 28.
Data from the Solana blockchain explorer Solscan shows that the address "3Fwr…ZQpK" was frozen with $44.59 million in stablecoins, while the wallet address "3nHw…xNgH" was frozen with approximately $13 million.
According to Solscan data, both wallets were frozen by a multi-signature freezing authority mechanism.
On May 19, Milei signed a decree to dissolve the special task force established to investigate the Libra scandal.
Allegedly, Milei or other Argentine officials related to the scandal have not faced any penalties.
However, some critics point out that there has never been a truly effective investigation from the beginning.
"This has always been a scam; they never dared to truly investigate anything. They protect each other because they are completely involved," Argentine Congressman and economist Itai Hagman stated in a post on the X platform on May 20.
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Original article: “U.S. Court Freezes $57 Million USDC, Allegedly Related to LIBRA Scandal”
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