Circle has announced the freezing of $57.64 million in the USDC stablecoin across two crypto wallets, which are likely owned by the team behind the meme coin LIBRA. This action is part of a legal proceeding taking place in the United States and Argentina.
This is reported by Finway
Details of the Asset Freeze
According to information from Arkham experts, the assets were frozen across two accounts: one contains 44.59 million USDC, while the other holds approximately 13 million USDC. The latter account is listed on the Solscan portal as belonging to a LIBRA developer.
The law firm Burwick Law confirmed that the assets were frozen by order of the Southern District Court of New York as part of a class action lawsuit against Kelsier Ventures and the KIP Protocol and Meteora projects, with the lawsuit filed in March 2025.
“Yesterday, a federal court in the Southern District of New York issued a temporary restraining order at our request, freezing approximately $57.65 million held in Circle, which you can now see confirmed on Solscan. We will return to court on June 9, 2025, for a preliminary hearing to keep these assets frozen until the end of this legal proceeding,” said the company’s founder, Max Burwick, in a comment to Decrypt.
Position of Affected Investors
However, Martin Romeo, one of the affected LIBRA investors and a participant in the class action lawsuit against Argentine President Javier Milei, assured that the freeze is not related to the Burwick Law case. He emphasized that their team had been trying to secure the asset freeze for more than two months.
Earlier reports indicated the collapse of the LIBRA project, as well as Milei’s decision to disband the task force investigating the incident, as he believed it had fulfilled its functions. At the time of preparing this material, no actions had been taken against the President of Argentina or individuals in his entourage.