Judge unfreezes over $57M in stablecoins linked to Libra token scandal

The judge cited ongoing cooperation of the defendants in the case as one of the reasons for unfreezing the stablecoins.

A US judge has unfrozen $57.6 million in USDC (USDC) stablecoins tied to the Libra token scandal in February, giving memecoin promoter Hayden Davis and former CEO of the Meteora decentralized exchange Ben Chow access to the funds.

US judge Jennifer L. Rochon froze the funds in May as part of a hearing in a class-action lawsuit against Davis, Chow, blockchain infrastructure company KIP Protocol and KIP’s co-founder, Julian Peh.

The Judge said the defendants did not demonstrate “irreparable” harm because the funds to reimburse victims are still available, and the defendants have made no effort to move the frozen funds, according to Law360.

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