According to court documents, Jump Trading allegedly purchased millions of UST tokens in 2021 to manipulate its value towards $1.
in a district court in Illinois details Jump Trading's alleged involvement with Terra Labs in manipulating the price of algorithmic stablecoin TerraUSD . According to court documents from May 9, the firm purchased millions of UST tokens in 2021 hoping to manipulate its value to reach $1.
According to the lawsuit, Jump Trading was an early partner and primary financial backer of Terraform Labs. Between November 2019 and September 2020, Jump entered into several agreements with Terraform and its affiliates"to borrow tens of millions of LUNA tokens" from Terra and"provide market-making services for transactions in LUNA, UST and aUST."
"Rather than publicly acknowledging the inability of TFL’s algorithm to maintain UST’s advertised peg price , TFL and Kwon secretly schemed with Defendant Jump to manipulate the market prices for UST and aUST by making secret, coordinated trades to prop up UST to its $1 peg."
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