NY Judge Unlocks $58M Crypto Holdings for LIBRA Memecoin Founder Hayden Davis
Federal Judge Jennifer Rochon lifted the freeze on LIBRA creator Hayden Davis’s crypto assets, permitting monthly transfers of tokens worth millions while he faces ongoing legal challenges in Argentina.
Court ruling enables Davis to withdraw 20.8 million LIBRA tokens monthly plus previously accessible holdings.
Argentina case continues as Davis offers $100 million transfer to prove legitimacy of President Milei endorsement.
Legal scrutiny remains intense with $58 million USDC technically frozen despite restraining order removal.
Jennifer Rochon, a US District Judge in New York, has dissolved the temporary restraining order that had blocked Hayden Davis, creator of the LIBRA memecoin, from moving significant amounts of cryptocurrency. The decision permits Davis to access $58 million worth of USDC alongside 500 million LIBRA tokens in structured monthly increments.
Under the ruling, Davis may transfer 20.8 million LIBRA tokens per month in addition to holdings already under his control. Although the restraining order was lifted, legal observers note that the $58 million in USDC remains “technically frozen,” limiting Davis’s immediate access to stablecoin liquidity.
The valuation of the 500 million LIBRA tokens currently stands at approximately $4.7 million, based on a price of $0.0094 per token. Plaintiffs Omar Hurlock and Anuj Mehta had sought an extension of the freeze, but their motion was rejected by the court.
Pending Argentina Case Adds Pressure on Davis
Beyond the US ruling, Davis continues to face scrutiny in Argentina, where he is attempting to demonstrate that President Javier Milei’s involvement in the LIBRA token launch was not fraudulent. Argentine developer Maximiliano Firtman has suggested that Davis could use token transfers to validate the project’s legitimacy and backed Argentine President Javier Milei’s promotional endorsement of LIBRA as a funding mechanism for the “Viva La Libertad” initiative supporting small businesses.
Reports indicate that Burwick Law, the US firm pursuing litigation against Davis, has floated the possibility of an agreement requiring Davis to direct LIBRA tokens into a Viva La Libertad account. To emphasize his position, Davis has also reportedly offered Argentine judge María Servini a $100 million wire transfer drawn from token sale profits as evidence of good faith.
The Argentina proceedings have already revealed earlier movements of $3.7 million in crypto by Davis ahead of Milei’s announcement. More recently, investigators discovered that some funds connected to Milei’s network had been shifted to sidestep potential freezes, while one individual tied to the network was later found to be fictitious.
Token6900 Gains Attention Amid Market Shifts
The intense volatility in the crypto markets this week is fueling investor interest in alternative projects like Token6900. The community-driven memecoin project presents a tokenomics model built on a total supply of 930,993,091 tokens and a hard cap of $5 million, while developers have locked 6,900 tokens for five years, signaling long-term commitment to the project.
The presale has already raised $2.3 million as investors seek hedges against market turbulence and explore projects with grassroots traction. Token6900 is positioning itself as a fresh entry point for participants looking to diversify amid uncertain conditions surrounding mega-cap cryptocurrencies this week.
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I’m a research analyst with experience supporting Web3 startups and financial organizations through data-driven insights and strategic analysis. My goal is to help organizations make smarter decisions by bridging the gap between traditional finance and blockchain innovation.
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