Regulations
By Pankaj K
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The Telegram Chat at the Center of Everything. The whole case basically hinges on a Telegram group called "Bryce's Secret.
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Inside the Alleged Insider Operation. The suit lays out how Granieri approved suspect trades while Huang executed trades during UST's…
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The $192 Million Exit and the Timing Problem. The timeline of Jane Street's UST trades is where things get really specific.
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Terraform Labs is going after Jane Street Group hard. The company's appointed administrator, Todd Snyder, filed a lawsuit accusing Jane Street, co-founder Robert Granieri, and…
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The whole case basically hinges on a Telegram group called "Bryce's Secret." Pratt allegedly created it to funnel confidential information between Jane Street staff and Terraform…
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That's a pretty clean denial. But the unredacted filings tell a messier story.
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The suit lays out how Granieri approved suspect trades while Huang executed trades during UST's 2022 depeg — moves that were allegedly based on information Pratt had passed along.
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There's more. Jane Street staff were apparently interested in hiring Terraform's head of research — not a casual curiosity, but reportedly part of a deliberate effort to deepen…
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Pratt also allegedly tried to calm concerns about Jane Street's visible wallet size. He told colleagues not to worry, citing insider estimates that other hedge funds had even…
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The timeline of Jane Street's UST trades is where things get really specific. On February 11, the firm bought 10,000 UST. A month later, it picked up 10 million UST on Binance.
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Related: Jane Street Reportedly Dumped Hundreds of Millions Before Terras $40 Billion Wipeout
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Then, as the depeg started to bite, Jane Street ran what looks like a test. The firm sold $8 million in UST, apparently to check how stable the peg still was.
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On May 7, Jane Street sold its entire $192 million UST stake. That same day, Terraform pulled 150 million UST from a liquidity pool without any public disclosure.
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That withdrawal, the suit argues, helped trigger the broader market chaos that followed. UST lost its dollar peg. LUNA collapsed. Billions in value evaporated across days.
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There's also the matter of a $1 billion capital raise that was being discussed internally. Jane Street employees were apparently skeptical about a proposed over-the-counter LUNA…
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