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Fortune

Marco Quiroz-Gutierrez

Jump Trading made $1.28 billion by secretly propping up Terra a year before the algorithmic stablecoin collapsed, court filings show

Jump Jump Trading SEC Terra Terraform Labs Jump Crypto Crypto

Jump Crypto President Kanav Kariya. (Credit: Eva Marie Uzcategui—Bloomberg via Getty Images)

Court filings by the Securities and Exchange Commission have confirmed that crypto trading firm Jump Trading propped up Do Kwon’s failed algorithmic stablecoin TerraUSD (UST) a year before its collapse.

By purchasing more than 62 million of the stablecoin tokens, the Chicago-based firm pushed the algorithmic stablecoin's price back to $1 after it had lost its peg in May 2021, according to the court filings. Later, Kwon, CEO of Terra and cocreator of Terraform Labs, touted the recovery as proof of the stablecoin algorithm’s self-healing abilities and its ability to maintain a dollar peg through a code-enabled balancing act with sister cryptocurrency Luna.

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