Jane Street accused of using Terra Telegram backchannel before UST crash

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Terraform Labs court filing in the lawsuit against Jane Street. Source: cloudfront.net The timing of a particular UST trade has raised more concerns, suggesting potential access to insider information by an unknown entity. On May 7, 2022, Terraform quietly withdrew about $150 million in UST from the Curve 3pool liquidity pool. Less than 10 minutes after Terraform’s withdrawal, Curve 3pool saw its largest single swap of $85 million, precipitating a steep sell-off in UST, which the filing said “ultimately led to the collapse of the Terra ecosystem.” The heavily redacted filing does not identify the entity behind the swap. Terraform Labs court filing in the lawsuit against Jane Street. Source: cloudfront.net Snyder seeks to recover alleged wrongful gains from Jane Street, plus compensation for additional damages to distribute to Terraform creditors and investors who lost funds in the 2022 collapse. Jane Street is the world’s leading quantitative trading firm by net trading revenue, with $39.6 billion generated in 2025, reported Reuters. Cointelegraph reached out to Terraform’s court-appointed administrator for comment but had not received a response by publication. Magazine: How to fix suspected insider trading on Polymarket and Kalshi More on the subject

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