BlockBeats News, May 20th. Wall Street quant trading giant Jane Street was sued by the Terraform Labs bankruptcy trustee, accusing the firm of accessing insider information in May 2022 before the Terra (UST) stablecoin collapse through a private Telegram group called "Bryce's Secret." The group was created by former Terraform intern Bryce Pratt (who was working at Jane Street at the time) and his former colleagues, aiding Jane Street in accurately selling about $192 million UST before the UST collapse, and later profiting around $134 million through short selling.

The lawsuit also points out that Jane Street's largest trade occurred just 9 minutes after Terraform removed $150 million in liquidity from the Curve pool, allegedly triggering the UST's price destabilization. The case seeks to recover the profits to repay creditors and specifically names Jane Street's co-founder Robert Granieri and trader Michael Huang. Currently, Jane Street denies the allegations as "baseless" and has applied for a dismissal of the case.