NY Judge Lifts Restraining Order, Unlocks $58M in Crypto for Hayden Davis
US District Judge Jennifer Rochon has lifted a temporary restraining order on Hayden Davis, creator of the LIBRA memecoin, allowing him access to $58 million in USDC and 500 million LIBRA tokens. Davis can now transfer 20.8 million LIBRA tokens monthly. However, the $58 million in USDC remains technically frozen, restricting his access to liquidity.
The current valuation of the LIBRA tokens is approximately $4.7 million at a price of $0.0094 per token. Plaintiffs Omar Hurlock and Anuj Mehta sought to extend the freeze but were denied by the court.
Pending Argentina Case
Davis faces scrutiny in Argentina as he attempts to prove that President Javier Milei's involvement in the LIBRA launch was legitimate. Argentine developer Maximiliano Firtman suggested using token transfers to validate the project. Reports indicate Burwick Law may propose an agreement requiring Davis to allocate LIBRA tokens to support the "Viva La Libertad" initiative.
Davis has offered a $100 million wire transfer from token sale profits to Argentine judge María Servini as evidence of good faith. Investigations revealed prior crypto movements of $3.7 million by Davis and funds associated with Milei’s network being shifted to avoid freezes.
Token6900 Market Interest
The recent volatility in crypto markets has increased interest in alternative projects like Token6900. This community-driven memecoin has a total supply of 930,993,091 tokens and a hard cap of $5 million, with 6,900 tokens locked for five years.
The presale has raised $2.3 million as investors seek alternatives amidst market uncertainty. Token6900 aims to attract participants looking to diversify beyond major cryptocurrencies.