The US judge has won $57.6 million in unzen dollars in USDC (USDC) stubcoin tied to the Libra token scandal in February, with former CEOs of Memecoin promoter Hayden Davis and Meteora’s decentralized exchange benchow giving access to the fund.
Judge Jennifer L. Rochon frozen funds in May as part of a lesson lawsuit hearing against Julian Peh, co-founder of Davis, Chow, Blockchain Infrastructure Company KIP Protocol, KIP.
The judge said the defendant did not show “irreparable” harm as the victim is still available. According to Law360, the defendant has not made an effort to move the frozen funds.
In July, Davis filed an motion to dismiss the case against him. This was rejected by the court as a “dispute.” Despite this, Locon said he doubted the success of a class action lawsuit against Davis, Chau and others.
The Libra token scandal depicts Argentine President Javier Miley, and is considered one of the most important rug pulls in history, prompting investors to ethical investigations and class action lawsuits against leaders.
Related: From Coinbase to Milei and Libra: Loading Crypto Class Action Suits
The aftermath that rocked the Libra token scandal and the world of crypto
Libra Token was launched in February and billed it as a project to support small and medium-sized Argentine businesses, and was initially promoted on social media by Milei.
Libra crashed and burned within hours of its launch, spurring a widespread backlash from investors caught up in what was characterized as a $107 million rug pull.
Milei distanced himself from the token, denied knowledge of the project’s fundamentals and refused backtracking on the initial promotion.
“A few hours ago I posted countless other tweets, supporting private ventures that I think are obviously unconnected,” Milei wrote in the February 14th X-Post.
The statement rarely conducted a parliamentary investigation into Mairei due to calls from Argentine lawmakers to violate ethics against Mairei each.
However, Milei closed the investigation, disbanding the task force without any charges or discoveries of fraud against the president’s office, prompting politically motivated cover-up allegations.
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