The LIBRA meme coin case has taken another turn with the release of $57.5 million in frozen funds, leaving the crypto community in surprise.
LIBRA Case Developments
The LIBRA cryptocurrency gained attention due to a scandal in Argentina months ago involving fraud allegations against President Milei and his cabinet. The legal proceedings against key LIBRA figures, Hayden Davis and Ben Chow, had remained overshadowed by other events. Recently, however, a US federal judge lifted the freezing order on funds related to these individuals, which had been frozen since May as part of a class-action lawsuit. This unexpected decision has shocked the community.
LIBRA Price Fluctuations
Following the announcement of the released funds, a brief price increase for LIBRA was observed, yet it was short-lived. The price could not hold above $0.012 and was at $0.01 at the time of writing, which is considered stable. The events have also had significant impacts on the crypto community in Argentina, where institutional pressures have intensified after the LIBRA scandal. President Milei’s decision to disband the inquiry unit regarding the case has averted any legal consequences.
Crypto Community Reaction
A community member expressed concern on social media: "Just two weeks after Roman Storm was found guilty for merely building Tornado Cash, Hayden Davis and Ben Chow are one step closer to freedom. The judicial system’s stance is deeply unsettling." The class action initiated by Burwick has been relatively small compared to legal attempts in Argentina, leading to questions about the likelihood of the lawsuit succeeding. Overall, dissatisfaction has been vocalized across various platforms.
While the case is not yet concluded, the community awaits new developments in the upcoming phases. The final decisions are being closely monitored within the crypto ecosystem.
