Court Freezes $57M USDC in LIBRA Case: On-Chain Data Confirms

Nearly $57.65 million in USDC has been frozen following a court order in the LIBRA memecoin lawsuit. Blockchain records show the freeze took effect on May 28 after the SDNY granted a temporary restraining order.

Burwick Law, representing the plaintiffs, stated that the June 9 hearing will determine the next steps.

The lawsuit alleges that Kelsier Ventures and its founders orchestrated a $100 million fraud via the LIBRA token, with KIP Protocol and Meteora also implicated.

This case highlights increasing regulatory scrutiny over memecoin-related fraud in crypto.