Newly unsealed court filings in Manhattan federal court claim that trading giant Jane Street Group used a private Telegram backchannel with Terraform Labs insiders to avoid massive losses during the collapse of TerraUSD (UST) in May 2022. The lawsuit, filed by the administrator overseeing Terraform Labs bankruptcy estate, alleges the firm dumped nearly $192 million worth of UST before the stablecoin lost its peg and later profited from short positions tied to the ecosystems downfall.
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