Jump Trading Faces $4B Legal Battle Tied to Terra Crash

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Terraform Labs sued Jump Trading and senior executives for $4 billion, alleging the firm manipulated Terra’s ecosystem and unlawfully profited from the crash, the WSJ reported.

The administrator of Terraform Labs’ bankruptcy, Todd Snyder, has filed a lawsuit seeking $4 billion in damages from trading company Jump Trading and multiple executives.

According to a Friday Wall Street Journal report, the lawsuit alleges that Jump Trading unlawfully profited from and contributed to the 2022 crash of Terra. Alongside the company, the suit is also aimed at its co-founder, William DiSomma, and the former president of the crypto trading department, Kanav Kariya.

Terraform Labs and the Terra blockchain ecosystem collapsed in 2022 when its native algorithmic stablecoin, TerraUSD (UST), lost its peg to the US dollar. The stablecoin was backed by a Terra inflationary mechanism, and when the peg was lost, the LUNA token saw an issuance and sell-off shock. The crash led to about $50 billion in losses.

Snyder reportedly said in the filing that Jump “actively exploited” the Terraform ecosystem through manipulation and self-dealing, and that the lawsuit is aimed at recovering losses for creditors and harmed investors, the WSJ reported.

Jump Trading did not immediately respond to Cointelegraph’s request for comment. The WSJ reported that Jump has denied the allegations.

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