Billion-dollar trading company Jump Trading is accused of making $1 billion in profits on Terra (LUNA) through price manipulation and collusion.
in U.S. District Court of Illinois Taewoo Kim in a lawsuit filed by Jump Trading And CEO of Kanav Kariya Violating regulations via Terra More than $1.28 billion in earnings to provide and by getting rich without reason was accused. The lawsuit documents alleged that Jump Trading, together with Terraform Labs, manipulated the price of TerraUSD (UST), while the LUNA founder Do KwonIt was stated that it was part of the secret agreements.
According to the lawsuit, Jump Trading was one of Terraform Labs’ initial partners and primary financial backers. jump, November 2019 with September 2020 between Terraform and its subsidiaries LUNA And TOP for various service agreements provided. Within the scope of the agreements, Jump Trading had the opportunity to purchase LUNA with highly discounted prices and advantageous packages.
99% off LUNA deal
In the details of the documents, the founders of Do Kwon and Jump Trading To keep the UST price steady at $1 It was claimed that he was performing price manipulation by making secret agreements. The plan in question is Jump’s 23 May And May 27, 2021 between More than 62 million USTs artificially peg the price of UST at $1, and aUST caused the price to increase.
As part of the Kwon deal, the LUNA token is exchanged at the then market price. With more than 99% discount unconditionally agreed to transfer. Jump then redeem these LUNA tokens. of $1.28 billion gradually sold it at a staggering profit.
Jump Trading made a statement last week regarding the US crypto industry. oppressive policies country, on the grounds of downsizing its activities had stated.