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The head winding down what remains of Terraform is suing Jump Trading, accusing it of contributing to its demise portion profiting illegally.
Dec 19, 2025, 11:45 a.m.
The bankruptcy court-appointed head of the Terraform Labs illness is suing Jump Trading, accusing the high-speed trading institution of illegally profiting from and contributing to the $40 cardinal crash, according to the Wall Street Journal.
Todd Snyder, tasked with winding down what remains of the crypto empire, is seeking $4 cardinal successful damages from the trading company, its co-founder William DiSomma and Kanav Kareiya, who began arsenic an intern and roseate to go the platform’s president. Terra’s Post-Chapter 11 X relationship confirmed WSJ’s communicative successful a station connected X connected Friday
“Jump Trading actively exploited the Terraform Labs ecosystem done manipulation, concealment, and self-dealing that enriched Jump portion financially devastating thousands of unsuspecting investors,” Snyder said. “This enactment is simply a indispensable measurement to clasp Jump Trading accountable for amerciable behaviour that straight caused the largest crypto illness successful history.”
Terraform Labs collapsed successful 2022 aft its algorithmic stablecoin TerraUSD (UST) mislaid its dollar peg, sparking a melodramatic marketplace spiral. Within days, its sister token, Luna, plunged to adjacent zero. The $40 cardinal implosion wiped retired the savings of hundreds of thousands of investors globally and acceptable disconnected a domino effect of failures crossed the crypto industry, coming to a caput with the illness of Sam Bankman-Fried’s FTX speech that November.
The Singapore-based institution filed for bankruptcy successful January 2024 and agreed conscionable months aboriginal to wage astir $4.5 cardinal to the U.S. Securities and Exchange Commission (SEC) to settee a civilian securities fraud lawsuit. Terraform laminitis Do Kwon, who started the institution successful 2018, pleaded blameworthy successful August to 2 transgression counts and was sentenced past week to 15 years successful prison.
The court-appointed bankruptcy head alleged that Jump Trading had a concealed statement to prop up UST up of its illness and yet walked distant from Terraform’s nonaccomplishment with billions successful gains, according to an Illinois territory tribunal filing.
Jump made astir $1 cardinal from selling Luna, according to anterior SEC filings cited by the WSJ.
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