US Federal Court Freezes $57.65M USDC in Class Action Lawsuit

A significant legal move has frozen approximately $57.65 million in USDC assets linked to Kelsier Ventures, a company accused of misusing funds. The freezing order was issued by the Southern District of New York federal court as part of a class action lawsuit filed against the defendants for alleged misuse of over $100 million related to the Libra memecoin. The affected funds were held in Solana wallets, according to sources. Notably, Circle, USDC’s issuer, executed the freeze at the custodian level. )