Do Kwon, the co-founder of Terraform Labs, is at the center of a legal storm as new revelations regarding the terraUSD (UST) stablecoin collapse in 2022 come to light.
Kwon is under investigation, with recent developments indicating that the involvement of market maker Jump Trading could be crucial in the legal proceedings.
Jump Trading’s Profits Under Scrutiny in TerraUSD Case
Following the collapse of the UST stablecoin in May 2022, Kwon was sued by the U.S. Securities and Exchange Commission (SEC) for allegedly providing false information to investors.
An Oct. 18 filing in a New York court has shed light on the possible significance of Jump Trading LLC in the case. The market maker reportedly made substantial profits, totaling $1.28 billion, during the turbulent period when the terraUSD ecosystem was unraveling.
The focus on Jump Trading arises from an incident a year prior when UST temporarily lost its peg to the U.S. dollar. Kwon had assured investors that the stablecoin maintai
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