💻Circle freezes 57.5 million USD related to the memecoin LIBRA that was rug pulled
According to Arkham, Circle has frozen over 57.5 million USD USDC on the Solana network, related to LIBRA, a memecoin that was backed by Argentine President Javier Milei but was rug pulled in February.
The frozen amount is said to be profits from token dumping, causing LIBRA's market cap to collapse by 90%, from 4.5 billion USD to under 200 million USD in just a few hours.
This is Circle's largest freeze to date, raising concerns about the power of the stablecoin issuer and its impact on the autonomy of the blockchain. This action may also negatively affect liquidity and TVL in DeFi.
