Jump Trading faces lawsuit over alleged $1.3B profit from TerraUSD By Cointelegraph
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A lawsuit filed in an Illinois district court details Jump Trading’s alleged involvement with Terraform Labs in manipulating the price of failed algorithmic stablecoin TerraUSD (UST). According to court documents from May 9, the firm purchased millions of UST tokens in 2021, hoping to manipulate its value to reach $1.
Plaintiff Taewoo Kim is accusing Jump and its CEO, Kanav Kariya, of violating the Commodity Exchange Act, Commodity Futures Trading Commission (CFTC) regulations, and of common law unjust enrichment.
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A lawsuit filed in an Illinois district court details Jump Trading’s alleged involvement with Terraform Labs in manipulating the price of failed algorithmic stablecoin TerraUSD (UST). According to court documents from May 9, the firm purchased millions of UST tokens in 2021, hoping to manipulate its value to reach $1.
Plaintiff Taewoo Kim is accusing Jump and its CEO, Kanav Kariya, of violating the Commodity Exchange Act, Commodity Futures Trading Commission (CFTC) regulations, and of common law unjust enrichment.
Continue Reading on Coin Telegraph
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