A US federal court has frozen Stablecoin USDC worth around $57.65 million in a class action lawsuit over the controversial Libra Memocoin.
Onchain data shared with Cointelegraph by Class Group lawyer Max Burwick shows that $57 million worth of USDC (USDC) was frozen on May 28 after a Manhattan court agreed to a temporary freeze.
“Yesterday, the Federal Court in SDNY (Southern District of New York) issued a temporary restraining order in response to our request. The Berwick Act, supported by Tim Trenore, frozen around 57.65 million USDC in the circle.”
He added that the court is scheduled to hold a hearing on June 9th, determining whether assets will remain frozen as the class action proceeds.
Berwick claims on March 17, he created the Libra (Libra) Crypto Currency on behalf of Omar Hurlock and other plaintiffs in a class action lawsuit against the co-founders of Crypto Venture Firm, Kelsier Ventures and their three brothers, Gideon, Thomas and Hayden Davis, who co-founders of their three brothers, on behalf of Omar Hurlock and other plaintiffs, creating more than $1 million investors.
The suit, along with Blockchain Infrastructure Companies KIP Protocol and its CEO Julian Peh, named Meteora and its co-founder Benjamin Chow, the defendant.
Chow’s lawyer, Kelsier Ventures, has been contacted for comment.
Libra hit a $4 billion market capitalization on February 14th, following the X Post from Argentinean President Javier Milei, crashed 94% later.
Saga has sparked a political scandal for Mairei, urging members of the Argentine opposition parties to call for his bounce each, but has gained little towing beyond those statements.
Data from the March voting platform Zuban Córdoba suggests that the Libra scandal had a negative impact on Milei’s image and evaluation of national management approval.
Two Solana wallets with total USDC balances worth $57.65 million were frozen at 3:15am and 3:18am on May 28th.
Data from Solana’s blockchain explorer Solscan shows that the address of “3FWR…ZQPK” has a $44.59 million worth of stub coin frozen, and has been frozen just over $13 million from the wallet address “3NHW…XNGH”.
Both wallets were frozen by the Multisig Freeze Authority, Solscan data shows.
Mylay closes Libra survey in Argentina
On May 19, Mairay signed a law to close the task force established to investigate the Libra scandal.
Related: Solana could be a memo coin “One Trick Pony” – Standard Charter
No action has been taken against Mairay or any other Argentine officials who are allegedly linked to the scandal.
However, some critics say that justified investigations were not done properly in the first place.
“It’s always been a fake, they dare not to investigate anything, and they’re completely close to their necks, so they’re covering each other,” Itai Hagman, an Argentine economist and member of the Argentine lawmaker, told the X-Post on May 20.
magazine: Memokine is ded, but despite the sharp decline in revenue, the solana ‘100x is good.”
