Terraform has filed a motion to compel Citadel Securities to comply with a request to hand over trading data and documents.
Terraform Labs has urged the judge to grant its motion to compel trading data from Citadel Securities, which it says had a hand in the collapse of USTC in May 2022.Do Kwon-founded Terraform Labs has again pointed the finger at market maker Citadel Securities for its role in an alleged “concerted, intentional effort” to cause the depeg of its stablecoin in 2022.
It contends the May 2022 depeg, when the asset crashed from $1 to $0.02, was caused by"certain third-party market participants” intentionally shorting the stablecoin, as opposed to instability in its algorithm. “Instead, Movant contends that the market was destabilized due to the concerted, intentional effort of certain third party market participants to “short” and cause UST to depeg from its one dollar price.”
“There is publicly available evidence suggesting that the head of the Citadel Entities, Ken Griffin, intended to short UST at or about the time of the May 2022 depeg.”
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