TLDR:
- Judge Rochon unfreezes $57.6 M in USDC linked to the Libra token scandal after assessing defendants’ cooperation.
- Libra token sees a 393.49 % leap in price to $0.04345 and trading volume hits $69,772.26 in 24 hours on CoinGecko.
- Court ruling said victims’ funds remain available and defendants showed no effort to hide frozen assets.
- Despite price spike, Judge doubts the success of the class-action lawsuit against Libra promoters will hold.
A court decision has shifted the crypto markets. A judge opened the door to frozen funds tied to the Libra token. Markets responded with one of the wildest moves in recent memory.
Traders watched value bounce hard and fast. Crypto investors are buzzing about what this means next.
Libra Legal Twist Drives Crypto Price Surge
Investors got a jolt when a US judge cleared $57.6 million in USDC tied to the Libra token case.
The ruling stemmed from ongoing cooperation by the defendants in the class-action lawsuit. Judge Jennifer L. Rochon noted defendants showed no intent to hide the funds and victims could still be reimbursed.
As a result, the stablecoins were unfrozen despite ongoing doubts about the lawsuit’s success. This twist altered the narrative. It turned a costly legal battle into a market catalyst.
Markets responded fast and hard. According to CoinGecko, Libra’s price had jumped to $0.04345 at press time. Trading volume rose to $69,772.26 in the last 24 hours.
That marks a 393.49 % spike in a day and a 410.66 % gain over one week. The volatile move highlights how legal news can fuel crypto rallies or collapses.
Investors are watching. Many see this as a relief event. Others treat it as a signal of deeper turmoil. The back-and-forth in courtrooms now ties directly to token value.
Looking ahead, the fate of Libra may hinge on what’s next in the courtroom. The unfrozen funds ease pressure on promoters. Yet the lawsuit still looms. That tension may fuel volatility.
A judge has unblocked over $57M in stablecoins tied to the Libra token scandal, crediting the defendants' ongoing cooperation as a key reason. This development could significantly impact the case and the future of cryptocurrency regulation. Stay informed… https://t.co/z6ageQW5RG
— CRYPTO PANZER
Crypto Price Reaction and Ongoing Risks
Crypto markets moved on the news. The unfrozen funds meant liquidity returned. That sparked renewed buying. It pushed Libra’s price into dizzying territory.
Yet risks stay high. The case against promoters like Hayden Davis and Ben Chow continues. Rochon expressed doubt that the class action would succeed. That leaves the token’s future uncertain. Markets love drama, but uncertainty can bite.
Traders may face sharp swings. Legal rulings, frozen or unfrozen funds, can sway sentiment. The coin’s fundamentals remain shaky. Still, rallies may follow any next filings or hearings.
Meanwhile, retail and crypto-savvy audiences ask: Is this rally real or fleeting? A storyline that mixes law and crypto makes every movement feel like headline news.
The post Judge Frees $57M in Libra Stablecoins, Token Price Soars Nearly 400% appeared first on Blockonomi.
Source: https://blockonomi.com/judge-frees-57m-in-libra-stablecoins-token-price-soars-nearly-400/