- Circle has unfrozen $58 million in USDC for Hayden Davis following the removal of a restraining order.
- The funds were linked to the LIBRA token project, which involved former association with Argentinian President Javier Milei.
- Observers noted that Circle delayed unfreezing the assets despite earlier approval by an Argentine judge.
- The Argentinian justice system’s request to keep the funds frozen was not followed by Circle, according to local developers.
- Milei has since distanced himself from the LIBRA project, while authorities have cleared him of official misconduct.
Circle has released $58 million worth of USDC to Hayden Davis after a U.S. court lifted a temporary restraining order connected to the ongoing LIBRA token case. The unfreezing took place two weeks after Judge Jennifer Rochon removed the restraining order on August 19, allowing Davis to access the funds.
Senior Data Engineer Fernando Molina noted that Circle made the change on the Solana Blockchain only recently, despite earlier judicial authorization. Molina wrote, “It is clear that Circle did not comply with the request from the Argentine justice system,” and pointed out the timing of the transfer.
According to Argentinian developer Maximiliano Firtman, Circle chose not to honor Argentina’s request to keep Davis’s funds blocked. Firtman stated there were “reasons we do not know” behind this decision. Firtman also suggested Davis might be cautious with the assets to avoid affecting his legal defense in the U.S. and Argentina.
The controversial LIBRA token, which promoted itself as a way to fund small businesses, was initially launched by Javier Milei under the “Viva La Libertad” project. The launch later resulted in millions in investor losses. Milei has since taken steps to publicly distance himself from the project. Argentina’s anti-corruption office concluded that he was not acting as a government official during the promotion, as detailed in a statement here.
The law firm leading the U.S. lawsuit against Davis, Burwick Law, suggested that Davis could potentially reach an agreement by sending the tokens to a Viva La Libertad account, according to a report here. The case continues as Davis regains full authority over the previously restricted funds.
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