In the latest twist, Terraform Labs, a defunct crypto network, is accusing Citadel Securities of participating in intentional efforts to destabilize its stablecoin TerraUSD classic (USTC) in 2022, eventually leading to its demise.
This comes as both Terraform Labs and its founder, Do Kwon, continue to face legal troubles.
Terraform Labs Accusing Citadel
In a document filed in a United States District Court in the Southern District of Florida on Oct. 10, the defunct crypto network asked the court to compel Citadel Securities LLC to produce documents related to its trading activities in May 2022, when USTC depegged.
USTC plunged dramatically last May, losing its peg by nearly 70% in mere hours and eventually crashing to $0.02 later that month. While there were claims of instability in the algorithm initially, Terraform now claims that the plunge was mainly because of some third-party market participants.
In its documentation, Terraform cites “publicly available evidence” suggesting t
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