Terraform hopes to access wallet records from FTX and Jump Trading in an attempt to prove that short sellers coordinated an attack against its stablecoin.
Terraform Labs is seeking permission from a judge to subpoena data from bankrupt crypto exchange FTX, claiming the information could help its defense against a lawsuit brought by the United States Securities and Exchange Commission in February, a court filingIn a search for evidence that could back its defense from fraud charges, Terraform’s lawyers filed a motion on July 19 in FTX’s bankruptcy case to access the company’s information about digital wallets used by short sellers between March...
“To establish these defenses, TFL needs Debtors’ records about wallets, accounts, and assets used to transact on the FTX International and US exchanges and sales/offers of large volumes of cryptocurrencies developed by TFL, if any, by FTX Trading and West Realm Shires Services Inc. d/b/a FTX US."and its founder, Do Kwon, for allegedly “orchestrating a multi-billion dollar crypto asset securities fraud.
“Defendants misrepresented UST’s recovery by claiming that the algorithm was able to restore and maintain the price peg. According to the SEC, UST instead recovered its price peg because Defendants entered an arrangement with a U.S. trading firm, Jump Trading, [...] to purchase substantial amounts of UST to support the price," reads the court filing.in California, arguing that since it's based in Singapore, the U.S.
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