“The administrator winding down what remains of Terraform is suing Jump Trading, accusing it of contributing to its demise while profiting illegally.”, — write: www.coindesk.com
Todd Snyder, tasked with winding down what remains of the crypto empire, is seeking $4 billion in damages from the trading company, its co-founder William DiSomma and Kanav Kareiya, who began as an intern and rose to become the platform’s president. Terra’s Post-Chapter 11 X account confirmed the WSJ’s story in a post on X on Friday
“Jump Trading actively exploited the Terraform Labs ecosystem through manipulation, concealment, and self-dealing that enriched Jump while financially devastating thousands of unsuspecting investors,” Snyder said. “This action is a necessary step to hold Jump Trading accountable for illegal conduct that directly caused the largest crypto collapse in history.”
Terraform Labs collapsed in 2022 after its algorithmic stablecoin TerraUSD (UST) lost its dollar peg, sparking a dramatic market spiral. Within days, its sister token, Luna, plunged to near zero. The $40 billion implosion wiped out the savings of hundreds of thousands of investors globally and set off a domino effect of failures across the crypto industry, coming to a head with the collapse of Sam Bankman-Fried’s FTX exchange that November.
The Singapore-based company filed for bankruptcy in January 2024 and agreed just months later to pay roughly $4.5 billion to the US Securities and Exchange Commission (SEC) to settle a civil securities fraud lawsuit. Terraform founder Do Kwon, who started the company in 2018, pleaded guilty in August to two criminal counts and was sentenced last week to 15 years in prison.
The court-appointed bankruptcy administrator alleged that Jump Trading had a secret agreement to prop up UST ahead of its collapse and ultimately walked away from Terraform’s failure with billions in gains, according to an Illinois district court filing.
Jump made about $1 billion from selling Luna, according to prior SEC filings cited by the WSJ.
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Bybit exited the UK in 2023 following a tightening of rules around the promotion and marketing of crypto services.
- Bybit reentered the UK under a framework designed to meet financial promotion standards and enhance transparency for local users.
- Bybit will operate and provide marketing of its services under the auspices of London-based crypto exchange Archax.
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