{"id":39268,"date":"2023-07-22T22:56:25","date_gmt":"2023-07-23T02:56:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/terraform-labs-seeks-data-from-ftx-wallets-for-sec-lawsuit-defense\/"},"modified":"2023-07-22T22:56:27","modified_gmt":"2023-07-23T02:56:27","slug":"terraform-labs-seeks-data-from-ftx-wallets-for-sec-lawsuit-defense","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39268","title":{"rendered":"Terraform Labs Seeks Data from FTX Wallets for SEC Lawsuit Defense"},"content":{"rendered":"<div>\n<p>Terraform Labs, the development firm behind Terra network and the failed stablecoin TerraUSD (USTC), is seeking permission from a court to get access to data from the bankrupt crypto exchange FTX.<\/p>\n<p>According to Terraform Labs, the failure of its UST stablecoin was the result of an attack by large short sellers, which the firm claimed included FTX boss Sam Bankman-Fried\u2019s trading firm Alameda Research.<\/p>\n<p>The request for the data was made in a motion filed on July 19 in FTX\u2019s bankruptcy case.<\/p>\n<p>The requested data includes records related to on-chain wallets, accounts, and assets traded on both FTX international and FTX\u2019s US-based exchange.<\/p>\n<p>\u201cTo establish these defenses, TFL needs Debtors\u2019 records about wallets, accounts, and assets used to transact on the FTX International and US exchanges and sales\/offers of large volumes of cryptocurrencies developed by TFL, if any, by FTX Trading and West Realm Shires Services Inc. d\/b\/a FTX US,\u201d the filing said.<\/p>\n<h2>Necessary for defense against fraud charges<\/h2>\n<p>According to Terraform Labs, this data is necessary for it to develop its defense against fraud charges in its own legal case against the US Securities and Exchange Commission (SEC).<\/p>\n<p>Terraform Labs and its founder Do Kwon were sued by the SEC on February 16, with the regulator alleging that UST was an unregistered security.<\/p>\n<p>The SEC said at the time that Kwon and Terraform Labs were responsible for \u201corchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.\u201d<\/p>\n<p>The collapse of UST and the broader Terra ecosystem represented a major blow for the crypto market in general, and especially for so-called algorithmic stablecoins.<\/p>\n<p>The UST stablecoin was meant to have a constant $1 value via a mix of algorithms and trader incentives involving a sister token,\u00a0LUNA.<\/p>\n<p>UST lost its US dollar peg\u00a0in May of 2022 and never recovered despite several\u00a0rescue attempts from Do Kwon.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/terraform-labs-seeks-data-from-ftx-wallets-for-sec-lawsuit-defense.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terraform Labs, the development firm behind Terra network and the failed stablecoin TerraUSD (USTC), is seeking permission from a court to get access to data from the bankrupt crypto exchange FTX. According to Terraform Labs, the failure of its UST stablecoin was the result of an attack by large short sellers, which the firm claimed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":39269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-39268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Terraform Labs Seeks Data from FTX Wallets for SEC Lawsuit Defense | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Terraform Labs, the development firm behind Terra network and the failed stablecoin TerraUSD (USTC), is seeking permission from a court to get access to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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