Judge Revokes Freeze on $57M in Stablecoins Linked to Libra Token Scandal

A US judge has unfrozen nearly $57.6 million in USDC stablecoins tied to the controversial Libra token scandal, granting access to funds for memecoin promoter Hayden Davis and former Meteora exchange CEO Ben Chow. This action follows a May freezing order by Judge Jennifer L. Rochon as part of a class-action lawsuit against Davis, Chow, blockchain infrastructure company KIP Protocol, and their co-founder Julian Peh. Rochon determined that the defendants didn’t demonstrate irreparable harm since funds for victim reimbursement remain available and they haven’t taken any steps to move the frozen assets. ]