Circle has blocked over $57 million in the stablecoin USDC on two cryptocurrency wallets that are likely connected to the team behind the meme coin LIBRA. According to analysts at Arkham, the freezing of assets is related to ongoing legal proceedings in the United States or Argentina.
This is reported by Business • Media
Details of the Freezing of Funds on LIBRA Wallets
Currently, the first cryptocurrency wallet holds 44.59 million USDC, while the second contains about 13 million USDC. The second wallet is marked in the Solscan service as belonging to a LIBRA developer. The total amount of blocked funds is $57.65 million.
The law firm Burwick Law stated that the blocking occurred by order of the federal court for the Southern District of New York. The court order was issued as part of a class action lawsuit against Kelsier Ventures and the KIP Protocol and Meteora projects, which was filed in March 2025.
“Yesterday, the federal court in the Southern District of New York issued a temporary restraining order at our request, freezing approximately $57.65 million held at Circle, which you can now see confirmed on Solscan. We will return to court on June 9, 2025, for a preliminary hearing to keep these assets frozen until the end of this trial,” said company founder Max Burwick in a comment to Decrypt.
Discrepancies in Interpretation of the Situation
Despite Burwick Law’s statement, Martin Romeo—an investor in LIBRA and a participant in the class action lawsuit against Argentine President Javier Milei—claims that the freezing of funds is not related to the case being handled by Burwick Law. Romeo emphasized that investors had initiated the process of blocking these assets over two months ago.
As is known, the LIBRA project has suffered significant financial losses, and it was previously reported that Argentine President Javier Milei ordered the special investigative group to conclude its work, as it had completed its tasks. As of May 2025, no official actions have been taken against the Argentine president or his entourage.