The LIBRA token showcased impressive growth following a court ruling that unfreezes a significant amount of assets, impacting its price.
Court Restores Access to LIBRA Funds
On August 21, U.S. District Judge Jennifer L. Rochon lifted an earlier order freezing $57.6 million in USDC belonging to the LIBRA team. The funds were held in two wallets associated with Hayden Davis and Ben Chow, team founders. The freeze was imposed in June amid lawsuits. The judge noted that the plaintiffs didn't provide evidence of 'irreparable harm,' leading to the restoration of access. This decision allowed Davis and Chow to regain control over the wallets.
LIBRA Price Soars After Ruling
Immediately after the ruling, the price of LIBRA token surged. According to CoinGecko, within 24 hours, the token rose by 137%, reaching a price of $0.02088899. This increase followed a prolonged period of inactivity and indicates renewed trader interest. The sharp rise was fueled by news of the court ruling and active buying on social media and trading platforms.
New Token YZY Gains Spotlight
Amid the LIBRA news, the new token YZY also caught trader attention. Rapper Kanye West (Ye) launched the YZY token, attracting immediate interest. Reports showed that an insider wallet purchased 1.29 million YZY tokens. However, this token started trading without USDC in its liquidity pool, drawing comparisons with the LIBRA situation. The activity, including trades yielding over $1.5 million in profits, suggests insider knowledge about the token's launch.
The court ruling lifting the freeze on LIBRA's funds resulted in notable price growth for the token, highlighting significant trader interest and potential market volatility. Meanwhile, the YZY token introduces a new level of intrigue in the cryptocurrency market.
