Jane Street requested that the Terraform lawsuit be dismissed, arguing that it was attempting to shift responsibility.

Quantitative trading firm Jane Street has filed a motion to dismiss a lawsuit brought against it by Terraform Labs for insider trading and market manipulation, alleging that it caused the collapse of the UST/LUNA algorithmic stablecoin. In a filing with the Southern District of New York, Jane Street stated that the lawsuit is “baseless” and an attempt by Terraform’s bankruptcy estate to shift responsibility for the collapse of its multi-billion dollar ecosystem onto a third party. The company is requesting the court to dismiss the case “with prejudice,” meaning the plaintiff cannot file a second lawsuit on the same grounds. Jane Street further pointed out that Terraform’s fraudulent activities have already been prosecuted, adjudicated, and punished, and that it was not involved. Do Kwon has previously pleaded guilty to conspiracy and wire fraud and is currently serving a 15-year sentence; a jury has found Terraform and himself guilty of securities fraud.