Jane Street filed a motion to dismiss a lawsuit brought by Terraform Labs administrator Todd Snyder alleging the $45 billion trading firm used insider information to profit during the May 2022 Terra collapse that cost investors $40 billion. Snyder claims Jane Street employee Bryce Pratt, a former Terraform Labs intern, used a backchannel to obtain non-public information that enabled Jane Street to sell 85 million UST and open short positions worth substantial profits. Jane Street argues its largest UST sale occurred ten minutes after the information became publicly visible and that the lawsuit rehashes already-settled events. The case is part of broader litigation by Snyder against trading firms including Jump Trading, as Terraform Labs faces a $4.4 billion SEC fine and founder Do Kwon serves 15 years for fraud.
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