Judge Restores Access to Over $57M in Stablecoins Tied to Libra Token Controversy

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

KIP-3.46%

X-8.33%

Source: Coinmarketcap

Updated: Aug 20 2025

Judge Unfreezes Funds: A US judge has unfrozen $57.6 million in USDC stablecoins related to the Libra token scandal, allowing memecoin promoter Hayden Davis and former CEO Ben Chow access to the funds.
Class-Action Lawsuit: The funds were initially frozen as part of a class-action lawsuit against Davis, Chow, and others, but the judge found no evidence of irreparable harm since reimbursement funds for victims remain available.
Libra Token Scandal: The Libra token, promoted by Argentine President Javier Milei, collapsed shortly after its launch, leading to accusations of a $107 million rug pull and subsequent investigations into Milei's involvement.
Political Fallout: Despite distancing himself from the project, Milei faced congressional scrutiny and calls for impeachment, although he later disbanded the investigation without any charges against his office.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

Judge Restores Access to Over $57M in Stablecoins Tied to Libra Token Controversy

About the author

Top News

Oil Firms Cautious on Venezuela Investment Push

GM Reports $7.1 Billion Charge Amid EV Shift

Stock Market Wraps 2025 with Double-Digit Gains

Novo Nordisk's Weight-Loss Pill Approval: Key Impacts

Related Articles

Microsoft's AI Business Shows Significant Growth

Seagate Technology Reports Strong Q2 Earnings Surge

People Also Watch