Here's why Jump Trading wants to move Terra manipulation case to California
Chicago-based trading firm Jump Trading has filed a request to move the Terraform Labs lawsuit it’s fighting from Illinois to California , citing convenience and the “interest of justice.” The lawsuit, first filed on May 9, accuses Jump of manipulating the price of algorithmic ‘stablecoin’ TerraUSD (UST) a year before it collapsed — echoing ongoing investigations by New York federal prosecutors and suspicions from the Securities and Exchange Commission (SEC). According to the suit, Jump and its chief exec Kanav Kariya secretly entered into an agreement with Terraform Labs founder Do Kwon to rescue UST price and also buy LUNA at a 99% discount, which was later resold at a $1.28 billion profit. Jump is accused of violating the Commodity Exchange Act and other CFTC rules, as well as unjust enrichment common law. Jump’s lawyers argue that the case filed in Illinois , Kim vs. Terraform Labs , is identical to an ongoing case filed in California , Patterson vs. Terraform Labs . In a mot...