Breaking News: Circle Freezes $57M USDC Linked to LIBRA Memecoin Scandal 🚨

A U.S. federal court has frozen $57.65 million worth of USDC in connection with the controversial LIBRA memecoin scandal. The freeze comes amid a class-action lawsuit alleging that the creators of LIBRA misled investors, siphoning over $100 million from liquidity pools.

The lawsuit targets Kelsier Ventures, its co-founders, and other blockchain infrastructure firms. LIBRA had previously skyrocketed to a $4 billion market cap following an endorsement from Argentine President Javier Milei, only to crash 94% hours later.

Two Solana wallets holding the frozen funds were locked by Circle on May 28, with a court hearing scheduled for June 9 to determine the future of the assets. $USDC #libra