In brief
- The New York court issued a provisional order under Section 1519 directing Circle to maintain the freeze on three Ethereum wallets.
- A related class action by U.S. investors seeking the same funds has been paused pending the Chapter 15 review.
- The case will determine whether Singapore’s liquidation of Multichain qualifies for formal recognition in the U.S.
A New York judge temporarily extended a freeze on wallets holding roughly $63 million in stolen USDC stablecoins on Thursday, backing a request from Singapore liquidators of collapsed crypto bridge Multichain as they seek U.S. recognition of the case.
Judge David S. Jones ordered Circle to keep three Ethereum wallets frozen and to preserve the dollar reserves backing the…