Cypher
CryptocurrencyCryptocurrency RegulationNewsStablecoinTerra (LUNA)Terra Classic (LUNC)

Court Dismisses Class Action Lawsuit Against Terra Labs And Do Kwon

The lawsuit filed by Matthew Albright against Do Kwon and its associates in the Terra Luna crash has been dropped and dismissed. The lawsuit claimed Do Kwon and his associates manipulated the market price of Terra Luna.

Lawsuit Accusations Dismissed

Do Kwon, the founder of Terra Luna, was involved in a lawsuit filed by Albright in August, accusing him of manipulating the price of Luna and bringing about the currency’s devaluation in May.

Su Zhu, the founder of Three Arrows Capital, informed the public via a tweet that the lawsuit against the Terra Labs company and its founder had been dropped by the court.

Cypher

Albright was actually disappointed by this court verdict. He expressed his disapproval of the case being dropped without the firms getting sanctioned in a notice he sent to the U.S. district court in New York.

In this case, the defendants included Terra Labs founder, Do Kwon, Jump Trading, and a few other businesses connected to the Luna crash.
These defendants were accused in this lawsuit of deceptively marketing the coins on the Terra blockchain.

📰 Also read:  Elon Musk Projects AI Evolution Would Make Employment Obsolete

There were also allegations that the management had manipulated the coin’s value in order to funnel the profits into their own accounts.

Did FTX Also Have A Hand In Luna Crash?

Prior to the FTX liquidation, it was actually believed that this revelation was the result of recent FTX activities.
FTX founder and sister exchange, Alameda Research were accused of manipulating the price of the LUNA token prior to the crash in May.

The founder of 3AC, Su Zhu, accused FTX of being responsible for the Terra stablecoin’s crash after it lost its peg to the US dollar, and for also having a hand in the crash of the LUNA tokens.

Despite this recent court dismissal, the class action lawsuit brought by another company, Bragel Eagle against Terra Labs and its founder is still very much active and is pending in court.

Even in the midst of this legal dispute and filing, there has been positive sentiment towards the Terra Luna token, which has seen a recent rise. The price of the Luna token, which is currently trading at $1.4, has increased by 11% in just one day.

📰 Also read:  Bitpanda Partners with Deutsche Bank for Real-Time Cryptocurrency Payments

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  UAE Partners with US for $1.5bn AI Deal Aiming for Global Leadership

Cypher

Jimmy Kelly

Jimmy is one of the news journalists for Tokenhell. He is a big crypto enthusiast and bought his first crypto token way back in 2015! Jimmy publishes updates about crypto tokens, events, price analysis and regulation among many other subjects.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content