A federal lawsuit filed on February 23, 2026, accuses quantitative trading firm Jane Street of using insider information to accelerate the collapse of Terra's stablecoin UST, resulting in a $40 billion market crash. The complaint states that Jane Street obtained confidential information about Terraform Labs' emergency liquidity measures through specific employees. It also alleges that, minutes after Terraform withdrew liquidity, Jane Street executed an order to sell 85 million UST, triggering the depegging of UST from cryptocurrencies. Jane Street denies these allegations, claiming the lawsuit is baseless. This case has once again reignited discussions about the 2022 crypto winter, and its outcome could set a precedent for market behavior.

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