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U.S. Court Freezes USDC Assets Worth 57.65 Million USD Linked to LIBRA Token

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#DeFi
$USDC
Crypto Potato
590Words
May 29, 2025

A U.S. federal court has ordered the freezing of approximately 57.65 million $USDC assets related to Kelsier Ventures. Kelsier Ventures is the team behind the LIBRA token, which has triggered a class-action lawsuit over allegations of fraud. The freeze order was executed on May 28 through a temporary injunction in the Southern District of New York, involving two Solana-based wallets. The lawsuit, filed by Burwick Law Firm on behalf of investors, accuses the team of scamming investor funds through manipulation of token pools, resulting in losses exceeding 100 million dollars. The LIBRA token once reached a market value of 4 billion dollars in February following public support from Argentine President Javier Milei, but subsequently plummeted more than 90%, triggering investor panic and political controversy. The two frozen wallets hold over 44 million dollars and 13 million dollars in $USDC respectively, with the freezing action executed through Circle's infrastructure. A hearing will be held on June 9 to decide whether the freeze should continue. This case may set an important precedent for the protection and regulation of crypto assets.

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