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Jump Trading Responds to Terraform Liquidation Trust Lawsuit, Claims It Aims to Shift $4.4 Billion Fine Liability
Deep Tide TechFlow News reports that on March 25, according to DL News, Jump Trading responded this week to a lawsuit filed by Todd Snyder, the trustee of Terraform Labs’ liquidation trust, in December of last year. The lawsuit claims that Terraform’s actions were an attempt to shift responsibility to avoid a $4.4 billion fine from the U.S. Securities and Exchange Commission (SEC), and requests the court to dismiss the charges.
In the lawsuit, Todd Snyder accuses Jump Trading and several related entities, along with two executives, of market manipulation, fraudulently deceiving investors, and self-trading, seeking damages of $4 billion. The complaint states that during the 2021 UST de-pegging, Jump secretly bought large amounts of UST to maintain its peg, while deliberately concealing these actions to protect its investments in LUNA tokens.
Jump’s response document states that the lawsuit refers to eight different related entities collectively as “Jump,” without specifying the particular actions of each defendant. Additionally, the lawsuit does not clearly specify where the violations occurred and is beyond the statute of limitations, and should be dismissed.