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Libra Wallets Locked: $58 Million in USDC Frozen By Court Order
Last Updated: May 29, 2025
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Key Takeaways
- Circle froze two Solana wallets holding $58 million in USDC linked to the Libra meme token team;
- The freeze followed a US court order and was also requested by Argentina's justice ministry;
- Libra crashed by 90% after its launch, which prompted fraud charges against President Milei and an official probe.
The issuer of the stablecoin USD Coin
These wallets, marked as frozen on the Solana block explorer Solscan, are no longer able to move or exchange the funds.
According to Arkham Intelligence's post on X, the larger wallet contains about $44.59 million in USDC, while the second one holds $13.06 million.
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The freeze was triggered by a court order requested by Burwick Law, a legal firm that handles crypto-related cases.
Max Burwick, one of the firm’s attorneys, said in a May 29 post on X that a federal court in the Southern District of New York had approved the restraining order, which led to Circle freezing the funds. His statement added that the decision was supported by attorney Tim Treanor.
In Argentina, where the Libra token gained attention after being promoted by President Javier Milei, the freeze appears to have been backed by the country’s justice department. Martin Romeo said the government also requested the freeze through legal channels.
Libra first launched on Solana in February, and its market capitalization reached several billion dollars. Within weeks, the price collapsed by nearly 90%, and several wallets linked to the project were found to have sold off large amounts of tokens.
In response, Argentine authorities charged President Milei with fraud and established a task force, known as the Investigation Task Unit (UTI), to investigate the case.
However, the UTI was shut down on May 19 without providing any final report or updates. How did lawmakers respond? Read the full story.
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