A US court order freezing LIBRA creator Hayden Davis’s crypto assets was dissolved yesterday, allowing Davis to move $58 million worth of USDC and another 500 million LIBRA tokens in monthly increments.
Judge Jennifer Rochon dissolved the temporary restraining order (TRO), rejecting an extension request from plaintiffs Omar Hurlock and Anuj Mehta.
According to Blockworks’ Senior Data Engineer, Fernando Molina, Davis will now have access to 20.8 million LIBRA tokens per month, plus a sum of LIBRA tokens already in his possession.
He notes that the USDC is still “technically frozen” despite the removal of the TRO.
One LIBRA token is worth $0.0094, meaning the 500 million tokens are now valued at $4.7 million.
Read more: Hayden Davis sent millions in crypto weeks before LIBRA promo
Davis is also trying to prove good faith in Argentina case
Argentinian developer Maximiliano Firtman theorizes that Davis could move the tokens and prove that the LIBRA token launch was never a scam.
This would also legitimize Argentinian President Javier Milei’s promotional tweet that claimed LIBRA would be used to fund small businesses via the “Viva La Libertad” project.
Indeed, the crypto law firm leading the lawsuit against Davis in the US, Burwick Law, reportedly suggested that a possible agreement could be made for Davis to send the tokens to a Viva La Libertad account.
Davis has also reportedly offered Argentinian judge María Servini a wire transfer of $100 million from the profits of the token launch to demonstrate good faith and innocence.
Earlier this year, during the Argentina case, it was discovered that Davis had moved $3.7 million worth of crypto in the weeks leading up to Milei’s LIBRA token launch.
More recently, funds connected to Milei’s contacts have been moved to avoid freezing orders, and another individual connected to Milei was found not to have existed.
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Source: https://protos.com/us-judge-drops-hayden-davis-freezing-order-frees-up-500m-libra-tokens/
