A federal US court frozen around $ 57.65 million worth of Stablecoin USDC in a case of action in class in Libra’s controversial memecoin.
Onchain Data shared In cointelegraph of class group attorney, Max Burwick, shows nearly $ 57 million USDC worth (USDC) frozen on May 28 after a Manhattan court came up with a temporary freedom.
“Yesterday, a federal court in the SDNY (Southern District of New York) entered into a temporary restraint to our request, Burwick Law, supported by Tim Treanor, who has freezing approximately 57.65 million USDC held in the Circle,” Burwick told Cointelegraph.
He added that the court was set to hold the hearing on June 9 to determine if the assets would remain frozen as the act of action emerged.
Burwick represents Omar Hurlock and other plaintiffs in a class action suit against Crypto Venture firm Kelsier Ventures and its three brothers co-founder, Gideon, Thomas and Hayden Davis, on March 17, claiming they created Libra’s (Libra) cryptocurrency and lost investors in Siphon over $ 100 million from one side pool pool.
The suit also named Blockchain infrastructure companies, KIP protocol and its CEO, Julian Peh, along with Meteora and its co-founder, Benjamin Chow, as defendants.
Chow’s lawyer, Kelsier Ventures and KIP Protocol are in contact for the comment.
Libra reached a $ 4 billion market cap following an X post from Argentine President Javier Milei in February. 14 Before crashing 94% Hours later.
The legend has brought a political scandal for Milei, which motivates members of the Argentina’s opposition party to call for his impeachment, Even small traction was obtained despite those statements.
Data from polling platform Zuban Córdoba in March suggested that Libra’s scandal negatively affects Milei’s image and rating of National Management Approval.
Two Solana wallets with a whole USDC Balances worth $ 57.65 million frozen on May 28 and 3:15 am and 3:18 AM UTC.
Data from Solana’s Blockchain Explorer, Solscan, shows that the Address “3FWR … ZQPK” has $ 44.59 million worth of stablecoin frozen, while a little over $ 13 million has frozen from the purse Address “3nhw … xngh.”
Both wallets froze the authority of Multisig Freeze, Solscan data shows.
Milei closes Libra’s investigation into Argentina
On May 19, Milei signed a command to close a task force established in Check Libra scandal.
Related: Solana can be a memecoin ‘one-trick pony’-standard chartered
No. action was taken against Milei or any other Argentine officer who is said to be tied to scandal.
However, some critics say that a legitimate investigation is not properly conducted in the first place.
“It’s always been a fake. They never dared to investigate anything, and they covered each other because they were completely up to their necks here,” Itai Hagman, a economist and member of the Chamber of Deputies of Argentina, Says In a post of May 20 x.
Magazine: Memecoins are ded – but solana ‘100x better’ in spite of income plunge
