The Kelsier Fund Unlock Triggers a 137% Surge on LIBRA

On August 21, a major court decision triggered a spectacular movement in the cryptocurrency market. The LIBRA token recorded a dizzying 137% increase in 24 hours, surpassing the $0.02088899 threshold following the release of funds from Kelsier Labs LLC that had been frozen for months.

Federal Court Releases 57.6 Million USDC Dollars

Judge Jennifer L. Rochon of the U.S. District Court issued her decision on August 21, lifting the freeze order on the digital assets of the team behind LIBRA. The sequestrated funds amounted to 57.6 million dollars in USDC, distributed between two wallets belonging respectively to Hayden Davis (CEO of Kelsier Labs LLC) and Ben Chow (creator of the Mateora exchange platform).

This freeze measure was decided last June in the context of a lawsuit where the plaintiffs demanded more than 100 million dollars in damages. However, after reviewing the evidence, Judge Rochon concluded that the plaintiffs had not demonstrated the existence of an “irreparable harm” justifying the continuation of the freeze. She also expressed serious doubts about the legal strength of the plaintiffs’ case, although she acknowledged that the proceedings were still in their preliminary stages.

The restitution of the funds marked a significant turning point. Davis regained access to 13.06 million dollars, while Chow recovered 44.59 million dollars. Davis’s legal representatives hailed this decision as validation of their position regarding the lack of merit in the lawsuit.

Instant Market Reaction to Legal Developments

The impact on prices was immediate and spectacular. CoinGecko data shows that LIBRA soared 137% in the 24 hours following the announcement, rising from less than $0.01 to $0.02088899. This dramatic rebound comes after a prolonged period of stagnation, reflecting renewed trader interest in the token.

The increase in trading volumes alongside the price rise suggests that this progression is not superficial. Social media and trading forums have been filled with discussions about this legal catalyst, propelling LIBRA into the spotlight of the meme coin market. Some observers saw it as a sign of regained confidence after weeks of uncertainty, while others warned of increased volatility resulting from such sharp gains.

It is important to note that although the wallets gained legal control of the 57.6 million dollars, no significant transfer of these assets has yet been recorded on the blockchain. Traders are closely monitoring future movements of the funds.

YZY Emerges as the New Market Phenomenon

Alongside the rise of LIBRA, another token has captured the attention of the crypto market. According to on-chain data, the YZY token, associated with a well-known public figure, debuted with a liquidity structure comparable to that of LIBRA.

Lookonchain’s analysis revealed remarkable insider activity. An address identified as 6MNWV8 committed 450,611 USDC to acquire 1.29 million YZY tokens at $0.35. The transaction took an interesting turn when the same address liquidated 1.04 million YZY tokens for $1.39 million, holding onto 249,907 YZY tokens worth approximately $600,000.

This single trade generated a profit exceeding $1.5 million, raising questions about prior access to information regarding the token launch. Other wallets were also observed preparing, injecting funds even before YZY’s activation, a practice that highlights the speculative dynamics of the current meme coin market and the importance of insider movements in these events.