Judge Unfreezes $57M in Libra Token Case – Price Explodes 73%
The decision unlocks $57.6 million in USDC that had been frozen in connection with an ongoing lawsuit.
Court Rules No Evidence of Irreparable Harm
The freeze was imposed in June after plaintiffs sought more than $100 million in damages against Hayden Davis, CEO of Kelsier Labs, and Ben Chow, founder of decentralized exchange Meteora. Both men had wallets containing tens of millions of dollars in USDC, which the court initially froze.
However, Judge Jennifer L. Rochon ruled that the defendants had complied with court orders and shown no signs of misconduct. “It is clear that damages can be compensated by monetary compensation,” she wrote, adding that plaintiffs failed to prove the funds posed a flight risk.
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As a result, Davis and Chow regained access to their wallets — one holding $13.06 million and the other $44.59 million in USDC.
Market Reacts to the Ruling
News of the decision sparked a sharp rally in LIBRA’s price, which soared 73% in hours. Still, the token trades deep in the red compared to earlier this year, having collapsed 99.5% from its February 2025 all-time high of $3.28.
The lawsuit against Libra and its promoters remains ongoing, but the ruling highlights that courts may not always favor aggressive asset freezes unless strong evidence of risk is presented.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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