Judge Lifts Freeze on $57.6 Million in Cryptocurrency of Libra Promoters

A federal judge in Manhattan has ruled to lift the freeze on $57.6 million in cryptocurrency related to #libra , a memecoin that collapsed. This decision was made after the judge found that the two defendants, Hayden Davis and Ben Chow, had complied with legal procedures and had no intention of fleeing.

Case Developments

In June, Judge Jennifer L. Rochon ordered the freeze on this USDC. This is part of a lawsuit in which the plaintiffs are seeking over $100 million in damages. The plaintiffs alleged that Davis and Chow had deceived investors by using a post from the President of Argentina #JavierMilei to create an appearance of legitimacy for the Libra memecoin.

However, on August 20, Judge Rochon stated that she was "skeptical" about the plaintiffs' chances of winning the case. She remarked that the plaintiffs had failed to prove irreparable harm and that the defendants had cooperated.

Consequences and Statement

This ruling is a victory for Davis and Chow. Davis's attorney stated that the case is "baseless" and that there is no evidence showing that his client did anything wrong.

Libra once reached a market capitalization of $1.17 billion before plummeting by 97% in just 24 hours. This lawsuit is one of the legal consequences of that event, and lifting the asset freeze is an important step in clarifying the legal responsibilities of the parties involved. #anh_ba_cong