A lawsuit has been filed against the company TerraformLabs and a number of other crypto companies over the collapse of terrausd (UST).
Following the Terra stablecoin depegging incident, a class-action lawsuit has been filed against the company Terraform Labs and a number of other crypto companies over the collapse of terrausd . The case against Terraform Labs was filed by the plaintiff Nick Patterson on behalf of others similarly situated and the law firm Scott+Scott LLP.
According to recently filed documents in the U.S. District Court in Northern California, Terraform Labs is accused of selling unregistered securities and misleading investors. In addition to TFL, Jump Crypto, Jump Trading, Republic Capital, Definance Capital, GSR Markets, Three Arrows Capital, Nicholas Platias, and Do Kwon are also named in the lawsuit. Patterson and the group of plaintiffs accuse the defendants of “repeatedly touting the stability of UST.
Nicholas Platias, author of the Anchor white paper is quoted in the court filing as saying Anchor’s interest rate was “stable” and the decentralized finance protocol offered a “low-volatility yield” with a “reliable rate of return.” “TFL and the Luna Foundation Guard misled U.S. investors concerning the stability of UST and LUNA, as well as the sustainability of Anchor,” the plaintiff’s argument notes.
Three Arrows Capital Co-Founder Accused of Telling People to Take out Loans Against Bitcoin and Deposit Proceeds Into Anchoragainst Binance US, which is accused of selling unregistered securities and advertising terrausd as “safe.” Further another lawsuit against Coinbase has been filed concerning the UST fallout as plaintiffs accuse Coinbase of passing UST off “as just another stablecoin.
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