Altcoins News
By Dan Saada
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What Happened?. On May 28, a court in the Southern District of New York (SDNY) issued a Temporary Restraining…
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Who Is Behind the Lawsuit?. The lawsuit was filed by Omar Hurlock and other investors claiming to be defrauded by the crypto…
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Background on the Libra Scandal. Libra gained massive attention early this year when it reached a market cap of $4 billion after an…
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The Aftermath in Argentina. Despite the uproar, President Milei closed the investigation task force on May 19, effectively…
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Why Is This Freeze Important?. The freezing of $57 million worth of USDC represents a significant step in the legal battle to…
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What Is USDC?. USDC is a widely used stablecoin pegged to the US dollar, meaning its value remains close to $1.
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What’s Next?. The court will hold a hearing on June 9 to decide whether to keep the freeze in place as the…
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Final Thoughts. The freezing of $57 million USDC by a US court is a major development in the ongoing Libra…
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A Manhattan federal court has ordered a freeze on approximately $57.65 million worth of the stablecoin USDC amid an ongoing class-action lawsuit tied to the controversial Libra …
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On May 28, a court in the Southern District of New York (SDNY) issued a Temporary Restraining Order to freeze USDC tokens held by Circle, the issuer of USDC.
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Max Burwick, the lawyer representing the class, confirmed that the court froze nearly $57.65 million in USDC stablecoins stored in two Solana wallets. These wallets hold $44.
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The lawsuit was filed by Omar Hurlock and other investors claiming to be defrauded by the crypto venture firm Kelsier Ventures and its co-founders Gideon, Thomas, and Hayden Davis.
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In addition to Kelsier Ventures, the lawsuit names several other defendants, including blockchain infrastructure companies KIP Protocol, its CEO Julian Peh, and Meteora with its…
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Libra gained massive attention early this year when it reached a market cap of $4 billion after an endorsement from Argentine President Javier Milei on social media in February.
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The incident turned into a political scandal in Argentina, with opposition members calling for President Milei’s impeachment.
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