Circle freezes approximately 57 million USD assets of LIBRA coin issuer
According to reports, stablecoin issuer Circle has frozen the USDC held by the $LIBRA meme coin issuance team. The two frozen addresses hold 13,060,482 USDC and 44,593,888.56 USDC, totaling approximately 57 million USD. Stablecoin issuers like Circle and Tether will blacklist addresses involved in major hacking incidents, such as the $1.4 billion hack of Bybit in February this year.
$LIBRA token was initially promoted by Argentine President Javier Milei, but the issuer later withdrew liquidity by extracting from the liquidity pool, and Milei also deleted his tweets, causing the token price to nearly evaporate. In the LIBRA case, there is a complicated relationship between the decentralized exchange Meteora and the LIBRA issuer. Ben Chow is a co-founder of Meteora and Jupiter. Hayden Davis is the head of the venture capital firm Kelsier Ventures, who claims that the company is only acting as an advisor in this matter.
(Meteora and LIBRA issue coin has been sued by a U.S. law firm for fraudulent behavior in the issuance of $M3M3 coin)
The cryptocurrency-focused law firm Burwick Law announced that it will represent investors in a lawsuit against Ben Chow, Meteora, Hayden Davis, Gideon Davis, CT Davis, and Kelsier, accusing them of fraud, securities fraud, and other claims related to the launch of the $M3M3 token on Meteora.
After the incident, the Argentine authorities quickly formed an investigation team, but on 5/19, Milei signed an order with Argentine Minister of Justice Mariano Cúneo Libarona, announcing that the investigation team had completed its mission and was officially disbanded.
(LIBRA turmoil continues! Argentine President Javier Milei disbands the LIBRA investigation team)
Is Circle freezing assets in response to a request from the Argentine Ministry of Justice?
As for why Circle froze the assets of the LIBRA issuer, there are many opinions from various parties. Burwick Law stated that this freeze was a temporary restraining order issued in response to their application. Burwick Law said: "Yesterday, the SDNY federal court issued a temporary restraining order at the request of our Burwick Law firm, with support from Tim Treanor, freezing approximately 57.65 million USDC held by Circle." The Burwick Law case is set to be heard on June 9, 2025.
At the same time, the plaintiff Martin Romeo in the case of the Argentinian Libra token stated that this freeze was based on a request from the Argentine Ministry of Justice. Burwick had previously filed a class action lawsuit against Kelsier Ventures and Meteora, including some named executives from these companies, accusing them of their roles in the Libra token scandal.
This article LIBRA issuer 57 million USDC has been frozen! The Argentine president's meme coin case is expected to go to trial on June 9, first reported by Chain News ABMedia.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
LIBRA issuer 57 million USDC has been frozen! The Argentine president meme coin case is expected to be heard on June 9.
Circle freezes approximately 57 million USD assets of LIBRA coin issuer
According to reports, stablecoin issuer Circle has frozen the USDC held by the $LIBRA meme coin issuance team. The two frozen addresses hold 13,060,482 USDC and 44,593,888.56 USDC, totaling approximately 57 million USD. Stablecoin issuers like Circle and Tether will blacklist addresses involved in major hacking incidents, such as the $1.4 billion hack of Bybit in February this year.
$LIBRA token was initially promoted by Argentine President Javier Milei, but the issuer later withdrew liquidity by extracting from the liquidity pool, and Milei also deleted his tweets, causing the token price to nearly evaporate. In the LIBRA case, there is a complicated relationship between the decentralized exchange Meteora and the LIBRA issuer. Ben Chow is a co-founder of Meteora and Jupiter. Hayden Davis is the head of the venture capital firm Kelsier Ventures, who claims that the company is only acting as an advisor in this matter.
(Meteora and LIBRA issue coin has been sued by a U.S. law firm for fraudulent behavior in the issuance of $M3M3 coin)
The cryptocurrency-focused law firm Burwick Law announced that it will represent investors in a lawsuit against Ben Chow, Meteora, Hayden Davis, Gideon Davis, CT Davis, and Kelsier, accusing them of fraud, securities fraud, and other claims related to the launch of the $M3M3 token on Meteora.
After the incident, the Argentine authorities quickly formed an investigation team, but on 5/19, Milei signed an order with Argentine Minister of Justice Mariano Cúneo Libarona, announcing that the investigation team had completed its mission and was officially disbanded.
(LIBRA turmoil continues! Argentine President Javier Milei disbands the LIBRA investigation team)
Is Circle freezing assets in response to a request from the Argentine Ministry of Justice?
As for why Circle froze the assets of the LIBRA issuer, there are many opinions from various parties. Burwick Law stated that this freeze was a temporary restraining order issued in response to their application. Burwick Law said: "Yesterday, the SDNY federal court issued a temporary restraining order at the request of our Burwick Law firm, with support from Tim Treanor, freezing approximately 57.65 million USDC held by Circle." The Burwick Law case is set to be heard on June 9, 2025.
At the same time, the plaintiff Martin Romeo in the case of the Argentinian Libra token stated that this freeze was based on a request from the Argentine Ministry of Justice. Burwick had previously filed a class action lawsuit against Kelsier Ventures and Meteora, including some named executives from these companies, accusing them of their roles in the Libra token scandal.
This article LIBRA issuer 57 million USDC has been frozen! The Argentine president's meme coin case is expected to go to trial on June 9, first reported by Chain News ABMedia.