NY Judge Unlocks $58M Crypto Holdings for LIBRA Memecoin Founder Hayden Davis

Jennifer Rochon, a US District Judge in New York, has dissolved the temporary restraining order that had blocked Hayden Davis, creator of the LIBRA memecoin, from moving significant amounts of cryptocurrency. The decision permits Davis to access $58 million worth of USDC alongside 500 million LIBRA tokens in structured monthly increments.

Under the ruling, Davis may transfer 20.8 million LIBRA tokens per month in addition to holdings already under his control. Although the restraining order was lifted, legal observers note that the $58 million in USDC remains “technically frozen,” limiting Davis’s immediate access to stablecoin liquidity.

The valuation of the 500 million LIBRA tokens currently stands at approximately $4.7 million, based on a price of $0.0094 per token. Plaintiffs Omar Hurlock and Anuj Mehta had sought an extension of the freeze, but their motion was rejected by the court.

Pending Argentina Case Adds Pressure on Davis

Beyond the US ruling, Davis continues to face scrutiny in Argentina, where he is attempting to demonstrate that President Javier Milei’s involvement in the LIBRA token launch was not fraudulent. Argentine developer Maximiliano Firtman has suggested that Davis could use token transfers to validate the project’s legitimacy and backed Argentine President Javier Milei’s promotional endorsement of LIBRA as a funding mechanism for the “Viva La Libertad” initiative supporting small businesses.

Reports indicate that Burwick Law, the US firm pursuing litigation against Davis, has floated the possibility of an agreement requiring Davis to direct LIBRA tokens into a Viva La Libertad account. To emphasize his position, Davis has also reportedly offered Argentine judge María Servini a $100 million wire transfer drawn from token sale profits as evidence of good faith.

The Argentina proceedings have already revealed earlier movements of $3.7 million in crypto by Davis ahead of Milei’s announcement. More recently, investigators discovered that some funds connected to Milei’s network had been shifted to sidestep potential freezes, while one individual tied to the network was later found to be fictitious.

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