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USDC Unfrozen: Court Releases $57M in Libra Scandal Case
USDC Unfrozen: Court Releases $57M in Libra Scandal Case
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USDC News -
A U.S. federal judge has unfrozen $57.6 million in USDC that was previously frozen in connection with the Libra token scandal. Judge Jennifer L. Rochon of the Southern District of New York ruled that defendants Hayden Davis, a memecoin promoter, and Ben Chow, former CEO of Meteora exchange, complied with legal proceedings and demonstrated no intent to conceal assets.
The funds, held in two wallets since May, were part of a class-action lawsuit seeking over $100 million in damages from the Libra token collapse. Global investors suffered significant losses when the project failed. Rochon determined that monetary compensation WOULD be sufficient for plaintiffs, noting no evidence of irreparable harm or evasive behavior by the defendants.
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