Jump Crypto filed docs confidentially in SEC v. Terraform Labs case
A federal judge has accepted materials from Jump Crypto Holdings in discovery for the United States Securities and Exchange Commission (SEC) case against Terraform Labs.
In a Nov. 28 filing in U.S. District Court for the Southern District of New York, Judge Jed Rakoff approved the confidential treatment of certain materials produced by Jump Crypto Holdings, the crypto arm of Jump Trading. The firm was reportedly under scrutiny from the SEC for its alleged involvement in the events leading to the depegging of TerraUSD (UST) and the downfall of Terra — one of the major events kicking off the crypto market downturn of 2022.
“[T]he Court retains discretion to make public any confidential materials in connection with future motion practice or trial,” said the filing. “If such disclosure is contemplated, the Court will provide prior notice to counsel for Jump so that counsel may be heard on any objections.”
Before Terra’s collapse, Jump Crypto played a significant role in the firm’s ecosystem, participating in funding rounds supposedly to establish a UST reserve. Investors filed a lawsuit against Jump Trading in May, alleging the firm and its CEO, Kanav Kariya, manipulated the price of UST to gain roughly $1.3 billion in profits.
Related: Jump Trading seeks to move Terra class-action lawsuit to California
In February, the SEC charged Terraform Labs and co-founder Do Kwon for allegedly “orchestrating a multi-billion dollar crypto asset securities fraud.” The case was still ongoing at the time of publication, but both the SEC and Kwon and Terraform Labs filed motions for summary judgment in October.
Authorities in Montenegro arrested Kwon in June for using falsified travel documents, later sentencing the Terraform co-founder to four months in prison. On Nov. 24, a Montenegrin court approved Kwon’s extradition subject to approval by the minister of justice, meaning he may be sent to either the United States or South Korea to face charges.
Magazine: Terra collapsed because it used hubris for collateral — Knifefight
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Conservative Party leader Kemi Badenoch has called on Sir Keir Starmer to sack Treasury minister Tulip Siddiq over allegations she lived in properties linked to allies of her aunt, Sheikh Hasina, the deposed prime minister of Bangladesh.
It comes after the current Bangladeshi leader, Muhammad Yunus, said London properties used by Ms Siddiq should be investigated.
He told the Sunday Times the properties should be handed back to his government if they were acquired through “plain robbery”.
Tory leader Ms Badenoch said: “It’s time for Keir Starmer to sack Tulip Siddiq.
“He appointed his personal friend as anti-corruption minister and she is accused herself of corruption.
“Now the government of Bangladesh is raising serious concerns about her links to the regime of Sheikh Hasina.”
Ms Siddiq insists she has “done nothing wrong”.
Her aunt was ousted from office in August following an uprising against her 20-year leadership and fled to India.
Ms Siddiq is also named with her aunt in Bangladesh court documents about meetings with the Russian government.
Tory leader Kemi Badenoch has called on Sir Keir to sack the minister
Read more from Sky News:
Ten Reform councillors quit in protest
Liz Truss sends cease and desist letter to Starmer
As economic secretary to the Treasury, Ms Siddiq is responsible for policy on both the City and tackling corruption.
She referred herself to the prime minister’s ethics watchdog on Monday following the reports about the properties.
On the same day, the prime minister said: “Tulip Siddiq has acted entirely properly by referring herself to the independent adviser, as she’s now done, and that’s why we brought into being the new code.
“It’s to allow ministers to ask the adviser to establish the facts, and yes, I’ve got confidence in her, and that’s the process that will now be happening.”
Kenya is preparing legislation to regulate cryptocurrencies with a draft proposal open for public feedback until Jan. 24.
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