- A U.S. court lifted a freeze on Hayden Davis‘s cryptocurrency assets linked to the LIBRA project.
- Davis is now permitted to move $58 million in USDC and 500 million LIBRA tokens in monthly increments.
- The court order’s dissolution follows Judge Jennifer Rochon’s decision to deny an extension request from plaintiffs.
- The USDC funds remain technically frozen, but Davis can access 20.8 million LIBRA tokens per month and previously held tokens.
- Davis aims to demonstrate good faith concerning ongoing legal proceedings in Argentina, and has offered a $100 million wire transfer to Argentinian authorities.
A U.S. judge has removed a temporary freeze on the crypto assets of Hayden Davis, creator of the LIBRA token. The court decision enables Davis to move $58 million in the stablecoin USDC and an additional 500 million LIBRA tokens, which will be released in monthly installments.
Judge Jennifer Rochon made the ruling on August 19, dissolving the temporary restraining order after denying a request from the plaintiffs, Omar Hurlock and Anuj Mehta, for an extension. According to data shared by Blockworks’ Senior Data Engineer Fernando Molina, Davis now has the right to transfer up to 20.8 million LIBRA tokens each month, along with any tokens he already controls.
Molina noted that, despite the lifted restraining order, the USDC assets—digital tokens pegged to the U.S. dollar—are still “technically frozen.” Currently, one LIBRA token is valued at $0.0094, making the group of 500 million tokens worth approximately $4.7 million.
Argentinian developer Maximiliano Firtman believes Davis may use the access to these funds to prove the LIBRA launch was legitimate. This could support Argentinian President Javier Milei‘s earlier claim that LIBRA would help fund small businesses through the “Viva La Libertad” project. A possible agreement has been mentioned by the law firm overseeing the U.S. lawsuit, Burwick Law, suggesting Davis could send tokens to the Viva La Libertad account.
Recent reports also state Davis has proposed a $100 million wire transfer to Argentinian judge María Servini to show good faith related to profits from the LIBRA token launch. Earlier in the year, records showed Davis moved $3.7 million in crypto before Milei’s endorsement of LIBRA. Additionally, funds connected to Milei’s associates were reportedly shifted to evade freezing orders, and one person linked to Milei was found not to exist.
For further background, details of Judge Rochon’s decision are available in her official court dissolution order. LIBRA token valuation and project updates can be tracked here.
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