Key Takeaways:
- LIBRA surged more than 150% in a week after a U.S. court unfroze $57M in USDC.
- The funds are tied to promoters Hayden Davis and Ben Chow.
- Legal battles remain ongoing, keeping LIBRA’s future uncertain.
The LIBRA token came into the spotlight when Argentine President Javier Milei promoted the Solana-based memecoin LIBRA on his X profile to over 3 million followers in February 2025, following Trump’s memecoin launch in January. The president later deleted the post, saying,
I was not aware of the details of the project, and after learning more, I decided not to continue giving it publicity (which is why I deleted the tweet).
The masterminds behind LIBRA’s token included Hayden Davis, CEO of Kelsier Ventures, Julian Peh the CEO of KIP Protocol and Ben Chow, the former CEO of Solana-based platform Meteora. Davis was also behind the launch of the MELANIA token. Davis has publicly acknowledged his involvement in “sniping” the MELANIA and LIBRA tokens.
Since the collapse of the LIBRA token in February, the price has increased by 65% over the last 24 hours. During the past week, the token has surged by 154% and is currently trading at 0.02881 at the time of reporting. The reason for this sudden surge is attributed to a decision made by a U.S. federal judge who ordered the release of $57 million in previously frozen USDC.
The assets are tied to wallets connected with meme coin promoter Davis and Chow, which had been locked since May as part of a class-action lawsuit. Investors had sought over $100 million in damages following LIBRA’s collapse earlier this year.
Judge Jennifer L. Rochon of the Southern District of New York ruled that there was no longer sufficient reason to keep the freeze in place, noting that both defendants complied with earlier restrictions and had made no attempt to conceal the funds. While the case remains ongoing, the ruling allows Davis and Chow access to the capital as they prepare their legal defense.
The sharp rally comes just months after LIBRA’s spectacular implosion in February. At its peak, the token briefly achieved a $4.5 billion market cap, driven by speculative hype and a social media post later deleted by Argentina’s President Javier Milei. After President Milei had cut ties with the project, LIBRA fell by over 97% in a single day, leaving retail investors with huge losses.
The sudden uptick in LIBRA’s price is driven by short-term market volatility, followed by the news of unfrozen funds. The lawsuits against Davis and Chow remain unsettled and are in their early stages. Traders will keep a close eye on these developments to profit from any sudden volatility if further changes occur in the legal precedent.
