A US federal court has frozen $57.65 million in USDC as part of a class action lawsuit related to the controversial memecoin Libra (LIBRA).
Onchain data confirms that the freeze occurred on May 28 following a court order in Manhattan.
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Burwick Law, representing the plaintiffs in the case, stated that the Southern District of New York (SDNY) granted a temporary restraining order.
A hearing on June 9 will decide whether the freeze remains in effect.
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The lawsuit alleges that Kelsier Ventures and its founders — Gideon, Thomas, and Hayden Davis — orchestrated the LIBRA token as a scheme to defraud investors of more than $100 million.
Blockchain companies KIP Protocol and Meteora, along with their executives, are also listed as defendants.