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Jump Crypto and Terraform Labs surprising event! A federal judge has accepted the documents submitted by Terraform Labs’ in the case brought against by the United States Securities and Exchange Commission Jump Crypto Holdings.
As a result of an application that took place on November 28 in the United States District Court for the Southern District of New York, Judge Jed Rakoff approved the confidentiality of specific materials produced by Jump Crypto Holdings, the crypto unit of Jump Trading.
The company is reportedly being investigated by the SEC on allegations that it caused one of the significant events leading to the crypto market downturn in 2022, the collapse of TerraUSD (UST), and the breakdown of the Terra ecosystem.
In the application, it was stated, “The court will retain the authority to disclose any confidential material concerning future actions or hearings. “If such a disclosure becomes necessary, the Court will give prior notice to Jump’s lawyers so that they will have the opportunity to object.”
Before the collapse of Terra,’ Jump Crypto had significantly contributed to the ecosystem of the company and participated in fundraising rounds to create an alleged UST reserve.
In May, investors filed a lawsuit against Jump Trading, alleging that the company and its CEO Kanav Kariya manipulated the price of UST and made a profit of approximately 1.3 billion dollars. These claims have overshadowed Jump Crypto’s previous positive contributions and seriously damaged the company’s reputation.
In February, the SEC sued Terraform Labs’ and its founding partner Do Kwon with the accusation of “orchestrating a multi-billion-dollar crypto asset securities fraud. The case was ongoing at the time of publication, but both the SEC and Kwon and Terraform Labs accelerated the court process by submitting their petitions for summary judgment in October.
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