The lawsuit against the Libra Token project is intensifying again. Berwick Law requested a freeze on Libra assets in his wallet associated with Hayden Davis.
One of the main drivers of Meme Tokens class action lawsuits, the law firm requested an additional freeze on Libra Token in its initial team and influencer-linked wallet. It is located at the Southern District Court of New York granted An order that restricts the transaction or transfer of assets from a Libra team wallet.
The main problem with Libra is that even deprecated tokens can become active in chains. Libra is not entirely permitted and continues to trade with enemy volumes in some exchanges. However, without tanking the price, that amount is not sufficient to absorb the holdings.
Libra never recovered, but retail investors are looking for revenue from their first team sales in the first few hours after launch. |Source: Coingecko
In Libra, the token caused over $250 million in user losses and never recovered from the initial crash. Unlike other meme tokens, Libra loses all confidence and traders don’t touch even with irrational pumps.
A low volume means that even teams and early investors are unable to technically reduce their assets, unlike other more liquid memes. Additionally, Kelsier Ventures wallets mostly sell Libra and instead hold SOL and USDC, as well as other assets that cannot be frozen.
Requests will arrive one day after the yen It’s frozen $57 million in USDC tokens, make them unmotivated on-chain. Further requests were sent to freeze the remaining USDCs in the team, and the influencer wallet linked to early Libra traders was frozen.
Burwick Law’s request targeted the same USDC wallet, which also received requests from an Argentine court. In that case, I made direct contact with Circle and performed a freezing transaction. The circle can then reissue the USDC and use it in trader compensation. Libra Team 1 wallet It was one of the affected wallets with 13.06m USDC freezing.
Libra has a total of 24,519 holders as of May 2025, but most tokens are still concentrated in team wallets.
The Berwick Act aims to block Libra by court order
Burwick Law requests do not include on-chain actions. Instead, the company obtained a court order against the use of cryptography held in the wallets of its Libra team and fellow team members.
Hurlockv. In the case of KelsierVentures et al, Burwick Law obtained a temporary suppression order. For now, it remains unclear how this order can be implemented on-chain, as Solana assets movement remains uncontrollable.
The restraining order affects the remaining Libras in the team’s wallet and the $110 million in revenue identified. wallet It belongs to Hayden Davis’s Kelsie Venture.
A court order banning further transactions is one of the first attempts to recover meme token casualties. The famous profile of Libra and its relationship with Argentine President Javier Miley meant that the assets were treated as more than just another meme. Libra was launched during the peak crage of celebrities and official tokens and was able to invest up to $250 million in investments before erasing more than 90% of its value in minutes.
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