US Court Freezes $57.65M USDC in Libra Memecoin Case

A U.S. federal court has issued a temporary restraining order freezing around $57.65 million worth of USDC cryptocurrency, marking a significant development in the class action lawsuit against creators of the Libra memecoin. The freeze, ordered by the Southern District of New York (SDNY) and executed by Circle – the USDC issuer – stems from accusations that the defendants misled investors concerning their projects.