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

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

The lawsuit targets Kelsier Ventures, its co-founders, and other blockchain infrastructure companies. LIBRA had previously surged to a market capitalization of $4 billion after an endorsement from Argentine President Javier Milei, only to plummet 94% hours later.

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

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