Circle Freezes $58 Million Worth of USDC in Solana Wallets Tied to Libra Scandal
USDC accounts linked to the Libra meme coin team were frozen, locking up nearly $58 million in stablecoins on Solana. The accounts hold $44.59 million and $13.06 million in USDC, which is controlled by Circle, allowing for freezing under its blacklisting policy. The freeze is reportedly due to a temporary restraining order requested by Burwick Law, representing a plaintiff in an Argentinian case related to the Libra token, promoted by President Javier Milei. A preliminary injunction hearing is scheduled for June 9, 2025. The Libra token, which surged to a multi-billion-dollar market cap before dropping nearly 90%, has faced accusations of a pump-and-dump scheme. President Milei has been charged with fraud, and a government task force investigating the scandal was recently disbanded. Circle also filed for an IPO targeting a $6.7 billion valuation.
