Circle froze $58 million USDC in the Libra case, can the Argentine president escape it?

Circle froze nearly $58 million USDC linked to Libra memecoin, and the law firm Burwick Law said the case will go to trial on June 9, 2025. (Synopsis: Argentine president promoted $LIBRA was accused of fraud, opposition party threatened to launch impeachment: scammers are humiliated) (Background supplement: Will the founder of Solana's largest agreement be imprisoned? The Libra meme coin scandal that shocked the Argentine cryptocurrency market escalated, and stablecoin USDC issuer Circle announced on Tuesday that it would freeze nearly $58 million in assets in two wallets linked to the Libra team. For Argentine President Milei, who was once involved in the promotion project, things are taking a turn for the worst. USDC freeze: Circle takes action against the Libra team According to AKAHMA, the USDC accounts of two Solana wallets linked to the Libra Memecoin team and token deployers were frozen on Tuesday, May 28, 2025. One account has assets of about $44.59 million and the other has about $13.06 million, totaling nearly $58 million. The freeze was enforced by USDC's publisher, Circle, in accordance with its blacklist policy. ALERT: $57M OF USDC ASSOCIATED WITH LIBRA FROZEN BY CIRCLE Two Libra accounts have just been frozen by Circle, including the Libra deployer wallet. These accounts contained a combined $57M in USDC which is now immobile. pic.twitter.com/HpmaM5HwVJ — Arkham (@arkham) May 28, 2025 The Libra Meme Storm: From Presidential Touting to Market Crash After its launch in February 2025, Libra Menet was once awarded to Argentine President Javier Millet (Javier Milei) is well known for its public recommendations on the X platform. Millais has called it a potential tool to assist entrepreneurs and revitalize Argentina's economy. However, after the token briefly soared to billions of dollars in market capitalization, the price quickly collapsed by nearly 90%, triggering strong doubts about its "pull-up shipment" (Pump-and-Dump). Blockchain data shows that at a time when the price hit a high, wallets associated with the token performed large-scale fund transfers. Blockchain analysis platform Bubblemaps also published an article exposing the suspected cash-out behavior of the Libra team. According to reports, insiders made about $150 million in illegal profits through concerted operations, while many retail investors suffered huge losses of more than $250 million. Later, a group of investors filed a class action lawsuit against the founders and promoters of Libra's project in the U.S. District Court for the Southern District of New York, accusing them of maliciously driving up prices and misleading investors. The importance of centralized control of issuers Argentine and international law enforcement authorities have also launched investigations into key people and wallets in the Libra project, which eventually prompted the court to order the freezing of related assets. Among them, Burwick Law has allegedly successfully obtained a temporary restraining order against the Libra team for its client, which is one of the direct reasons for the USDC freeze, and Burwick Law said that the case will go to trial on June 9, 2025. The USDC freeze once again highlights the importance of mainstream stablecoin issuers such as Circle in controlling the flow of assets in cross-border cases, and nearly $58 million of USDC funds related to the Libra meme coin team were frozen, marking that this scandal involving the promotion of well-known people and heavy investor losses has officially entered a new stage of legal prosecution, and the subsequent cases will definitely affect the political career of Argentine President Milai. Read more: Collect money to do things? LIBRA founder: I paid Argentine President Milei's sister to do whatever I wanted Related Stories Play you to death! The Argentine president forwarded $LIBRA to buy 100% of the teaching rush after clearing up: "This is not a promotion" price fell back to square one The Argentine president does not recognize $LIBRA! After the deletion and postponement, the coin price collapsed by 95%, and the coin team made 100 million magnesium angrily choked $LIBRA is Rug! The founder of Solayer revealed a loss of more than 2 million magnesium; The issuing team argued: funds will support Argentine companies [Circle freezes Libra case 58 million US dollars USDC, Argentine president can't hide? This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".