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Jane Street Sued Over $192M UST Sale Hours Before Terra Depeg Quantitative trading firm Jane Street has been sued by the Terraform Labs bankruptcy trustee over the sale of roughly 193 million UST tokens in the hours before the algorithmic stablecoin lost its dollar peg in May 2022.
The complaint was filed in Manhattan federal court. Per the filing, Jane Street disposed of approximately $192 million of UST on May 7, 2022.
The trustee alleges the firm then booked a profit of about $134 million on a short position taken after the sale.
The lawsuit centers on a private Telegram chatroom referenced in the complaint as "Bryce's Secret." According to the filing, Bryce Pratt, a Jane Street employee and former Terraform Labs intern, relayed non-public information about the project's internal condition to the firm.
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