A Manhattan federal judge ruled that defendants Hayden Davis and Ben Chow complied with proceedings, allowing access to previously frozen funds tied to the controversial Libra meme coin.
A Manhattan federal judge lifted a freeze on $57.6 million in USDC linked to the Libra token case involving Hayden Davis of Kelsier Labs and Ben Chow of Meteora. The freeze, imposed in June 2024, was released after Judge Jennifer L. Rochon determined the defendants were not evasive and that plaintiffs failed to show irreparable harm. The plaintiffs are seeking over $100 million in damages, alleging Davis and Chow misled investors by promoting Libra as legitimate following Argentine President Javier Milei’s endorsement. The token reached a $1.17 billion market cap before collapsing 97% within 24 hours. Davis and Chow deny wrongdoing, while legal motions to dismiss the case remain pending.