Terraform administrator accuses Jane Street of insider trading in collapse lawsuit

Administrator Todd Snyder accused Jane Street of improperly communicating with Terraform insiders and trading on alleged non-public information, according to the lawsuit.

The court-appointed administrator overseeing the bankruptcy of crypto company Terraform Labs has sued trading firm Jane Street, accusing it of insider trading that worsened the collapse of the multibillion-dollar Terra ecosystem.

On Monday, Todd Snyder, Terraform’s court-appointed administrator, sued Jane Street, its co-founder Robert Granieri, and employees Bryce Pratt and Michael Huang in a Manhattan federal court, accusing them of “misappropriating confidential information and manipulating market prices.”

The heavily redacted complaint claimed Jane Street used connections with “Terraform insiders to learn material non-public information” about the company and used the information to sell tokens tied to the Terra blockchain that worsened its collapse.

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