A federal judge has approved the confidential treatment of certain materials produced by Jump Crypto Holdings, the crypto arm of Jump Trading, in the ongoing case against Terraform Labs by the United States Securities and Exchange Commission (SEC). Jump Crypto Holdings has been under scrutiny for its alleged involvement in the events leading to the depegging of TerraUSD (UST) and the downfall of Terra, which triggered the crypto market downturn of 2022. The court has the discretion to make public any confidential materials in the future, but will provide prior notice to counsel for Jump to address any objections. Before Terra’s collapse, Jump Crypto played a significant role in the firm’s ecosystem and is now facing a lawsuit from investors who claim that the firm manipulated the price of UST for profit. In February, the SEC charged Terraform Labs and co-founder Do Kwon with orchestrating a multi-billion dollar crypto asset securities fraud. Kwon was arrested in Montenegro for using falsified travel documents and may be extradited to either the United States or South Korea to face charges. The case is still ongoing, with motions for summary judgment filed by both the SEC and Kwon and Terraform Labs in October.

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Information	Details
Geography	North America
Countries	🇺🇸 🇺🇸 🇲🇪 🇺🇸
Sentiment	negative
Relevance Score	1
People	Do Kwon, Jed Rakoff, Kanav Kariya, None
Companies	Terraform Labs, U.S. District Court for the Southern District of New York, United States Securities and Exchange Commission (SEC), Jump Trading, Jump Crypto Holdings
Currencies	TerraClassicUSD
Securities	None