Libra Token Soars After $57.6 Million in Frozen Stablecoins Are Released
The post Libra Token Soars After $57.6 Million in Frozen Stablecoins Are Released appeared on BitcoinEthereumNews.com.
The cryptocurrency, promoted by Argentine President Javier Milei, has jumped 134% over the past week after a U.S. court unfroze funds linked to the token scandal. Libra, the cryptocurrency promoted by Argentine President Javier Milei, continued to attract attention on Friday, Aug. 22, following the unfreezing earlier this week of $57.6 million in stablecoins tied to the February 2025 memecoin scandal. The token surged to a high of $0.048 on Aug. 21, following the court decision – 1,000% higher than the $0.0048 it was trading the day before. Since then, it has retraced to $0.025, down 42% on the day but still up 134% over the past week, according to CoinGecko. Libra’s market capitalization currently exceeds $6.6 million, with a fully diluted valuation of $25.7 million. LIBRA Chart The surge follows a U.S. judge lifting the freeze on $57.6 million in USDC stablecoins connected to the Libra scandal earlier this week. The funds were frozen in June by the Southern District of New York as part of a class-action lawsuit against memecoin promoter Hayden Davis, former Meteora CEO Ben Chow, and blockchain infrastructure company KIP Protocol. However, Judge Jennifer L. Rochon noted this week that the plaintiffs hadn’t shown “irreparable harm” and that defendants were not acting like “evasive actors,” The Defiant previously reported. Case highlights larger issues Following the judge’s decision, the situation raised broader questions about how stablecoins are managed and recovered in cases of mismanagement or fraud. Tom Gillingham, the Vice President of Growth and Strategy at Circuit, told The Defiant that while mechanisms like freezing and unfreezing stablecoins can help in such cases, they do not fully address more common risks such as hacks or operational failures. “In those cases, what matters most is how quickly funds can be accessed once an incident occurs, and whether…
Filed under: News - @ August 22, 2025 11:27 pm