Jump Trading под ударом: обвинения в манипуляциях и банкротстве Terra Translation: Headline: Jump Trading Under Fire: Allegations of Manipulation and Terra Bankruptcy

Todd Snyder, the administrator involved in the dissolution of Terraform Labs, accused Jump Trading, a market maker, of directly contributing to the downfall of Do Kwon’s company.

He has sought to recover damages amounting to $4 billion from Jump, its co-founder William DiSomma, and Kanav Karia, president of the cryptocurrency division.

According to court documents referenced by The Wall Street Journal, a series of secret agreements existed between the market maker and Terraform since 2019. One of these agreements allowed Jump to purchase LUNA at $0.4 when the market price of the asset hit $110.

The parties also entered into an informal pact to maintain the peg of TerraUSD. Jump committed to artificially stabilizing the algorithmic stablecoin’s value against the dollar while concealing these actions from regulators and the broader community to evade scrutiny.

In May 2021, the «stablecoin» lost its parity but managed to recover after covert support from Jump, as Snyder claims. The market maker misled investors by asserting that the asset’s rebound was due to the functionality of the algorithm. In reality, the recovery to $1 was driven by purchases of TerraUSD made by the company.

After the vulnerabilities in the stablecoin’s mechanism were acknowledged, Jump successfully canceled the vesting period in contracts. This enabled the firm to sell LUNA monthly, profiting from it while exacerbating selling pressure on the token.

“Jump Trading actively exploited Terraform Labs through manipulation, concealment of information, and actions in its self-interest, which enriched them while leading to financial disaster for thousands of unsuspecting investors,” Snyder emphasized.

Following the initial failure of the stablecoin, a backup Bitcoin fund, Luna Foundation Guard, came under the de facto management of Kwon and Karia. When the price of TerraUSD plummeted again in May 2022, this entity transferred nearly 50,000 BTC (about $1.5 billion at the time) without written agreements establishing the terms of asset utilization.

The lawsuit claims that DiSomma tried to salvage the situation by personally calling executives from other crypto firms to seek liquidity. However, this backfired, as competitors began to actively sell off TerraUSD and LUNA upon learning of the project’s difficulties.

Additionally, it is noted that in December 2024, Jump’s subsidiary, Tai Mo Shan, paid $123 million to settle claims concerning transactions with Terraform in 2021. During SEC hearings, Karia and DiSomma reportedly refused to testify «hundreds of times,» citing their right against self-incrimination. Karia left Jump in 2024.

“This is a desperate attempt by Terraform Labs to shift blame and financial responsibility for the crimes committed by Do Kwon. We will vigorously defend against these unfounded accusations,” stated a representative of Jump.

In 2023, similar allegations against the market maker were made by the U.S. Securities and Exchange Commission, which indicated that Jump had earned $1 billion from dealings involving UST.

As a reminder, in December 2025, an American court sentenced Kwon to 15 years in prison.