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This Thursday, Jane Street filed a motion in the U.S. District Court for the Southern District of New York to dismiss the lawsuit brought by Terraform Labs. In the filing, the firm characterizes the case as a “meritless” attempt by the Terraform estate to avoid responsibility and seek funds after the collapse of the Terra-Luna ecosystem.
Jane Street argues that responsibility for the alleged fraud lies exclusively with Terraform and its founder, Do Kwon.
The firm also maintains that the fraudulent scheme has already been adjudicated. It points to a jury finding Terraform civilly liable and notes that Do Kwon is currently serving a 15-year sentence.
On the allegations of market manipulation, Jane Street says its trades were legitimate and based on public information. The firm emphasizes that Terraform has not identified any internal communications or non-public data that would indicate insider trading.
The result of the motion is expected to be pivotal in deciding whether the proceedings continue or are closed under the Wagoner Rule. The rule prevents a bankrupt entity from recovering losses tied to its own fraud.
Market participants are closely watching the case, described as one of the final legal echoes of the algorithmic stablecoin collapse in 2022.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
