Circle Freezes 58 Million USDC Linked to Libra Token Team Amid Legal Disputes

The freezing of $57.65 million USDC highlights ongoing legal issues surrounding the controversial Libra memecoin and its promoters.

SOL

308d ago

Summary

Circle has frozen approximately $57.65 million in USDC linked to the LIBRA token team due to a class-action lawsuit initiated by Burwick Law. The freeze affects two Solana wallets holding $44.59 million and $13.06 million in USDC, with a court hearing set for June 9 to determine the future of the assets. The lawsuit alleges misleading practices by Kelsier Ventures and its founders, amid significant investor losses.

Terms & Concepts

USDC: A stablecoin pegged to the U.S. dollar, used for digital transactions.
Solana: A high-performance blockchain platform designed for decentralized applications and crypto projects.
Pump-and-Dump Scheme: A fraudulent practice where the price of an asset is artificially inflated to attract investors, followed by selling off the asset at the inflated price.