An order requesting that millions of LIBRA-linked funds be barred from anonymization methods and conversion into privacy-focused cryptocurrencies has been rejected by a US judge.
Legal firm Burwick Law filed the order on behalf of victims who suffered losses linked to LIBRA and its promotion by Argentinian President, Javier Milei.
However, Argentinian news outlet La Nación reports that Judge Jennifer Rochon, overseeing the case, was unconvinced.
Rochon reportedly claimed that lawyers failed to demonstrate that the plaintiffs were at risk of “irreparable harm.” She also rejected the order on the grounds that Hayden Davis and other defendants had committed to documenting all of their transactions in the name of traceability.
Minutes before the hearing took place, another website, Libra Trust, went live. Blockworks researcher Fernando Molina noted that the site was created five days after a prior freezing order was lifted, and once redirected users to a “pure nudism” blog.
Screenshots from the new Libra Trust site.The new site claims, “Argentine companies can apply through this website for grants that will help support their success and growth.”
It also claims that it operates “completely independently of Hayden Davis and Javier Milei,” the site is overseen by a “trustee” monitored by a “protector,” and that funding applications are “reviewed by an independent attorney.”
The site doesn’t elaborate on who these specific entities and individuals are.
Burwick Law noted transfers before Libra Trust was revealed
Burwick Law told Protos that it claimed wallets linked to the LIBRA defendants were moving funds from the relevant Meteora pool token-sale proceeds “before any public mention of a ‘trust’ structure.”
It said, “We notified defense counsel and the court about those transfers. Only after the funds had moved, and days after our notice, did a new website appear claiming that the money would be placed in a trust.”
“We think that timeline speaks for itself and do not have anything to add beyond our public filings at this time,” it concluded.
Read more: US Judge drops Hayden Davis freezing order, frees up 500M LIBRA tokens
On top of the new website, Molina also claimed that three multisigs linked to LIBRA’s launch were emptied of millions of dollars before yesterday’s court hearing.
Burwick noted in its order request that tens of millions of dollars worth of LIBRA-linked funds have been moved this month.
Just yesterday, the original Viva La Libertad portal that functioned similarly to the new Libra Trust site was taken down. It also promised investment to small Argentinian businesses that would be made up of the profits from LIBRA’s launch.
Programmer Maximiliano Firtman speculated that the individuals running the site have either intentionally shuttered it or are now no longer able to pay for Weglot, the third-party service keeping it online.
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Source: https://protos.com/us-judge-wont-restrict-libra-funds-as-new-trust-site-emerges/
