A US District Judge in New York has lifted a temporary restraining order on Hayden Davis, the creator of the LIBRA memecoin, allowing him to access millions of dollars in cryptocurrency. The ruling allows Davis to move $58 million in USDC and 500 million LIBRA tokens in monthly increments.
The decision permits Davis to transfer 20.8 million LIBRA tokens per month. However, legal experts note that while the restraining order is gone, the $58 million in USDC remains “technically frozen,” limiting his immediate access to those funds. The 500 million LIBRA tokens are currently valued at approximately $4.7 million. A motion by plaintiffs Omar Hurlock and Anuj Mehta to extend the freeze was denied.
Legal Battles Continue for Davis in Argentina
The US ruling is just one part of the legal challenges facing Davis. He is also under scrutiny in Argentina, where he is trying to prove that President Javier Milei’s involvement in the LIBRA token launch was not fraudulent.
Argentine developer Maximiliano Firtman has suggested that Davis can use token transfers to demonstrate the project’s legitimacy. Reports indicate that the US firm litigating against Davis has proposed an agreement for him to direct LIBRA tokens to a “Viva La Libertad” account, which supports small businesses. Davis has reportedly offered an Argentine judge a $100 million wire transfer from token sale profits as a sign of good faith.
The Argentina case has already uncovered that Davis moved $3.7 million in crypto before Milei’s announcement. Investigators have also found that some funds linked to Milei’s network were moved to avoid potential freezes and that one person connected to the network was fictitious.
August 2025, Cryptoniteuae
