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Jump Trading Settles with SEC over TerraUSD Allegations for $123 Million
In a significant development, Jump Trading has agreed to pay $123 million to settle allegations made by the Securities Exchange Commission (SEC) regarding its involvement in the TerraUSD stablecoin crisis. The settlement comes after an investigation revealed that Jump Trading supported TerraUSD’s algorithmic stability, buying $20 million worth of UST tokens in 2021 before selling them for a substantial profit.
The SEC claims that Jump Trading misled investors by presenting the company’s role as a stabilizing force when, in reality, it was heavily invested in the unstable asset. This alleged manipulation led to further instability in the market and potentially put investors at risk of significant losses.
According to reports, Jump Trading made $1.28 billion from this covert operation before selling Luna tokens for massive gains. The company has not publicly acknowledged any wrongdoing or expressed remorse for its actions.
Source: www.crypto-news-flash.com
