Jump Trading and its CEO Kanav Kariya are accused of violating United States regulations and unjust enrichment in the lawsuit.
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A lawsuit filed in a district court in Illinois details Jump Trading’s alleged involvement with Terra Labs in manipulating the price of algorithmic stablecoin TerraUSD (UST). According to court documents from May 9, the firm purchased millions of UST tokens in 2021 hoping to manipulate its value to reach $1.
Plaintiff Taewoo Kim is accusing Jump and its CEO Kanav Kariya of violating both the Commodity Exchange Act and the Commodity Futures Trading Commission (CFTC) regulations, as well as common law unjust enrichment.
According to the lawsuit, Jump Trading was an early partner and primary financial backer of Terraform Labs.
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