Jane Street requests dismissal of Terraform lawsuit, claiming it attempts to shift blame

Odaily Planet Daily News: Quantitative trading firm Jane Street has filed a motion in court to dismiss the insider trading and market manipulation lawsuit filed by Terraform Labs, which accused it of causing the collapse of the UST/LUNA algorithmic stablecoin.

In documents submitted to the U.S. District Court for the Southern District of New York, Jane Street stated that the lawsuit is "baseless" and represents an attempt by Terraform's bankruptcy estate to shift responsibility for the collapse of a multi-billion-dollar ecosystem onto a third party.

The company has requested the court to dismiss the entire case "with prejudice," meaning the plaintiff cannot refile the same lawsuit on identical grounds.

Jane Street further pointed out that the fraudulent conduct related to Terraform has already been prosecuted, adjudicated, and penalized, and that it was not involved. Do Kwon has previously pleaded guilty to conspiracy and wire fraud charges and is currently serving a 15-year sentence. Additionally, a jury has found both Terraform and Do Kwon liable for securities fraud.