Jump Trading Made $1.28 Billion by Manipulating TerraUSD, Lawsuit Claims

Crime, News | May 16, 2023 By:

On Tuesday, May 9, 2023, Taewoo Kim filed a lawsuit in the U.S. District Court for the Northern District of Illinois accusing Chicago trading giant Jump Trading of purchasing substantial quantities of algorithmic stablecoin TerraUSD (UST) to manipulate its price.

The lawsuit claims that Jump Trading was an early partner and primary financial backer of Terraform Labs (TFL).

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Expert Takes: The UST Price Crash

News, Opinion | May 12, 2022 By:

TerraUSD (UST), the decentralized and algorithmic stablecoin of the Terra blockchain, depegged from its $1 value and fell as much as 70% to 29 cents.

TerraUSD was launched in September 2020 (in collaboration with Bittrex Global) and has since gained the reputation as the most scalable stablecoin.

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