As reported by the Wall Street Journal and Bloomberg, the lawsuit was filed Dec. 19, 2025, by the court-appointed plan administrator overseeing the wind-down of Terraform Labs in the U.S. District Court for the Northern District of Illinois. It targets Jump Trading, along with co-founder William DiSomma and former Jump Crypto president Kanav Kariya, alleging market manipulation, concealment, and self-dealing tied to the 2022 collapse of terrausd (UST) and LUNA. The administrator argues Jump used undisclosed agreements and interventions to stabilize UST temporarily, then leveraged discounted token access to exit profitably while investors were left exposed.

According to the complaint, Jump allegedly received preferential access to tens of millions of LUNA tokens at steep discounts and played a central role in defending UST’s peg during earlier stress events, actions that were later portrayed as organic market behavior. When UST failed again in May 2022, triggering LUNA’s hyperinflationary death spiral, the suit claims Jump benefited from opaque trades and asset transfers while the broader ecosystem unraveled. Jump has fully rejected the allegations, calling the case an attempt to deflect blame from Terraform founder Do Kwon, who was sentenced to prison earlier this month for fraud.

• What is the lawsuit about?
  It alleges that Jump Trading manipulated Terra’s markets and concealed key actions that worsened the 2022 collapse. Jump and executives deny any wrongdoing.
• Who filed the lawsuit?
  The court-appointed administrator managing Terraform Labs’ liquidation filed the case.
• How much is being sought?
  The complaint seeks $4 billion in damages on behalf of Terraform’s creditors.
• How has Jump responded?
  Jump Trading has denied the claims and said it will defend itself vigorously.

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