US SEC: Jump Trading Earned $1 Billion through Secret Dealings with Terraform Labs

US SEC: Jump Trading Earned $1 Billion through Secret Dealings with Terraform Labs

According to The Wall Street Journal, court documents published by the US Securities and Exchange Commission (SEC) on Friday showed that cryptocurrency market maker Jump Trading had signed a secret agreement with TerraUSD cryptocurrency a year before it crashed.

These documents showed that Jump Trading made profits of around $1 billion through its dealings with Terraform Labs. An email from January 2020 revealed a deal: "Jump will increase liquidity of TerraUSD and Luna and will receive Luna purchases at prices of 30, 40 and 50 cents over the next three years." Luna soared to more than $90 by the end of 2021 and early 2022. The SEC also released a revised version of the secret agreement in July 2021, in which Terraform Labs promised to transfer 61.5 million Luna to Jump each month.

These documents highlight the relationship between Jump Trading and Do Kwon. The documents are part of a fraud lawsuit against Do Kwon and his company Terraform Labs.

 

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Source

Terra

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