Argentina Freezes $LIBRA Wallets

An Argentine court has ordered authorities to identify the owners of 25 cryptocurrency wallets and freeze the assets associated with them. The ruling is part of an investigation into the $LIBRA token.

Federal Judge Marcelo Martínez de Giorgi issued the order after reviewing a report prepared by the Argentine Federal Police’s cybercrime unit. Investigators are seeking KYC records, IP addresses and transaction histories.

The wallets allegedly handled some of the funds that remained under the control of $LIBRA’s creators following the project’s failed launch in February 2025. The token initially surged after being promoted on social media by President Javier Milei, but its price collapsed within minutes.

Court documents describe activity involving eight wallets belonging to the “Libra Team.” Hayden Davis, the token’s creator, previously claimed that he controlled approximately $110 million after the launch. Funds from four wallets were transferred to a single wallet identified as “61yk.”

That wallet remained frozen for nearly six months under an order from the US District Court for the Southern District of New York, which is handling a separate case involving Davis. Once the restrictions were lifted, the funds were split into smaller transfers, allegedly to make them more difficult to trace or convert into traditional currencies.

On May 10, 498,539 USDT was moved through a cross-chain protocol to a wallet on the Tron network. The funds were then divided across 17 transactions. At least 10 of them passed through Binance. Eight wallets were linked to Bybit, while OKX and Bitfinex were each connected to two.

Analyst Fernando Molina estimated that approximately $8.2 million had remained untouched before it began moving again in May. According to Argentine newspaper Clarín, the remaining funds are managed through a trust controlled by Davis. The trust is expected to provide grants to Argentine companies as part of a planned relaunch of the project before the end of the year. It has already received 71 applications.

Argentine President Javier Milei is also connected to the case after promoting the project on social media. Following the withdrawal of funds, however, he maintained that he had not fully understood what he was promoting.