CrypLogger.com
  • Home
  • Exclusive
  • Learn About Coins
  • Artificial Intelligence
  • Special Projects
  • News
  • Opinions
  • Current Prices
No Result
View All Result
  • Home
  • Exclusive
  • Learn About Coins
  • Artificial Intelligence
  • Special Projects
  • News
  • Opinions
  • Current Prices
No Result
View All Result
CrypLogger
No Result
View All Result
Home News

Jump Trading is accused of “pumping” UST liquidity and unjust enrichment by almost $1.3 billion

by Vaibhav
May 16, 2023
in News
0
Sandbox works with the Hong Kong Institute of Design
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Judge Gives U.S. Attorneys Until October 3 To Solve Case Against Alex Mashinsky

Judge Gives U.S. Attorneys Until October 3 To Solve Case Against Alex Mashinsky

July 25, 2023
Alphapo payment system hack valued at over $60M – ZachXBT

Alphapo payment system hack valued at over $60M – ZachXBT

July 25, 2023
  • Class action lawsuit filed against brokerage firm
  • Jump Trading allegedly “rescued” UST when the asset lost its USD peg in 2021
  • For this, the company received a huge amount of LUNA almost for free.
  • These tokens were sold when the price went up, which brought the company $1.28 billion in profit.

Last week against Jump Trading was filed class action. Victims accuse the company of links with the collapsed Terra-Luna project, “pumping” UST liquidity and unjust enrichment in the amount of $1.28 billion.

See also  Interest in Cryptocurrencies Drops to 2020 Lows - Google Trends

According to the case file, in 2021 Jump Trading privately bought out 62 million UST. This allowed the stablecoin to return to the dollar.

Later, one of the co-founders of Terraform Labs, Do Kwon, positioned this jump in the asset’s price as “self-healing ability.” The authors of the lawsuit claim that this thesis served to promote the stablecoin.

Interestingly, earlier the SEC (Securities and Exchange Commission) in its complaint accused an unnamed Terra-Luna trading partner of market making. Apparently, this company was Jump Trading.

See also  Bloomberg: The US Department of Justice suspected Binance of violating sanctions against the Russian Federation

The lawsuit says that for “saving UST” the company was able to buy out a significant amount of LUNA “at a 99.9% discount.” The crypto assets were then sold, bringing the organization $1.28 billion in revenue.

As a reminder, yesterday, May 15, WSJ published a material confirming prop-trading based on Terra. Among other things, there is mention of a letter from Do Kwon to investors in which he mentions an “important agreement” with Jump.

The co-founder of the failed project himself is awaiting trial in Montenegro on charges of forging documents. He was recently released on $436,000 bail.

See also  BRC-20 was replaced by DRC-20, the European Parliament adopted MiCa rules, and Ledger figured out how to restore seed phrases

Interestingly, Jump Trading and Jane Street are gradually distancing themselves from cryptocurrencies. Both companies see regulatory ambiguity as a significant impediment to further development in this market.

Share76Tweet47

Related Posts

Judge Gives U.S. Attorneys Until October 3 To Solve Case Against Alex Mashinsky

Judge Gives U.S. Attorneys Until October 3 To Solve Case Against Alex Mashinsky

by Vaibhav
July 25, 2023
0

Author Victoria Lyapota Reading 2 minutes Views 2 Published 07/25/2023 Updated 07/25/2023 Attorneys for the US Department of Justice have...

Alphapo payment system hack valued at over $60M – ZachXBT

Alphapo payment system hack valued at over $60M – ZachXBT

by Vaibhav
July 25, 2023
0

Author Anna Kuznetsova Reading 3 min Views 4 Published 07/25/2023 Updated 07/25/2023 According to a July 25 report by online...

Avalanche Foundation allocates $50 million investment to purchase asset tokens on the network

Avalanche Foundation allocates $50 million investment to purchase asset tokens on the network

by Vaibhav
July 25, 2023
0

Author Victoria Lyapota Reading 2 minutes Published 07/25/2023 Updated 07/25/2023 On July 25, the Avalanche Foundation announced the launch of...

Era Lend on zkSync used for $3.4 million replay attack

Era Lend on zkSync used for $3.4 million replay attack

by Vaibhav
July 25, 2023
0

Author Alexander Zhdanov Reading 3 min Views 5 Published 07/25/2023 Updated 07/25/2023 The Era Lend lending app on zkSync was...

Abu Dhabi Regulator Grants Trading Firm Rain Permission to Offer Cryptocurrency Services

Abu Dhabi Regulator Grants Trading Firm Rain Permission to Offer Cryptocurrency Services

by Vaibhav
July 25, 2023
0

Author Alexander Zhdanov Reading 2 minutes Views 5 Published 07/25/2023 Updated 07/25/2023 The Abu Dhabi Global Financial Services Regulatory Authority...

Load More

Recent News

  • Judge Gives U.S. Attorneys Until October 3 To Solve Case Against Alex Mashinsky
  • Alphapo payment system hack valued at over $60M – ZachXBT
  • Avalanche Foundation allocates $50 million investment to purchase asset tokens on the network
  • Era Lend on zkSync used for $3.4 million replay attack
  • Abu Dhabi Regulator Grants Trading Firm Rain Permission to Offer Cryptocurrency Services
  • Flashbots Becomes a Unicorn in a $60M Round
  • FOMC Preview: What Bitcoin and Crypto Traders Should Prepare for
  • Game Developer Solana Automata Announces Massive Layoffs
  • Is Cardano TVL a Critical Factor for Reviving ADA Prices?
  • Elon Musk: X will cover half of the global financial system
  • Cryptocurrency-friendly Robinhood moves closer to UK with local CEO appointed
  • Ducati to launch NFT in partnership with XRP Ledger
  • Media: auditors did not find anything suspicious in the scandalous deal with FTX Europe
  • Elon Musk says X will offer ‘the entire financial world’ in the coming months
  • Journalists learned about the reduction of 30% of the staff of the KuCoin exchange
  • EraLend DeFi protocol hacked for $3.4 million
  • Era Land protocol lost $3.4 million in hack
  • The creator of Axie Infinity will develop a new game in collaboration with CyberKongz
  • Azimut Group refuses to pay BlackCat bitcoin ransomware
  • Media: Worldcoin fell under the sight of the UK regulator
  • Home
  • About Us
  • CCPA
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms of Use
Email: contact@cryplogger.com

© 2021-23 Cryplogger.com
CrypLogger is a cult magazine about bitcoin, blockchain technology and the digital economy. Every day we supply news and analytics on the cryptocurrency market since 2021.

No Result
View All Result
  • Home
  • Artificial Intelligence
  • Special Projects
  • News
  • Opinions

© 2021-23 Cryplogger.com
CrypLogger is a cult magazine about bitcoin, blockchain technology and the digital economy. Every day we supply news and analytics on the cryptocurrency market since 2021.

Go to mobile version