Nearly $ 58 million in USDC has been frozen in relation to the budget scandal, depths of legal and political repercussions from one of the largest encryption scandals for this year.
On May 29, Arkham Analytics told Blockchain that Circle, the US dollar currency source (USDC), has froze the Solana governors (SOL) associated with the deployment of the scale and the project team. The governor kept $ 57.65 million in USDC, and he is now not moving. The procedure was carried out by the Multisig’s Multisig.
Freezing is part of a continuous collective lawsuit filed in March in the southern region of New York. Hundreds of Mizan investors sue Kelsier Ventures, a coordinated currency project, its founders, Gideon, Thomas and Hayden Davis. The lawsuit was filed by the New York -based law firm.
Benjamin Chau, co -founder of Meteora, Julian Peh from the KIP protocol, and other organizations that are allegedly involved in developing and marketing the scale icon among other defendants.
The scale icon soon gained popularity after its launch in February 2025 with the help of the social media promotion of Argentine President Javier Millie. It has been announced as a way to finance small companies in Argentina. In less than an hour, the value of the distinctive symbol increased from a few cents to more than 5 dollars, and its market value exceeded $ 4 billion.
However, the informed who are supposed to control 70 % of the offer threw large sums within hours, sent the price that has decreased more than 90 %. It is alleged that the well -known were more than $ 150 million, while investors lost more than $ 250 million.
The scandal sparked political anger in Argentina. The dismissal calls followed the removal of President Millie for his locations and the denial of any involvement. A government work team was created to consider the matter, but Milei resolved it on May 19.
The freezing of assets means that the American courts may be ready to take immediate measures to prevent further losses and ensure a possible compensation for the victims. If the case succeeds, a precedent may put a contract for the founders of encryption and promoters responsible for deceiving and exploiting the noise cycles.
