Crypto Blog
In the latest twist, Terraform Labs, a defunct crypto network, is accusing Citadel Securities of participating in intentional efforts to destabilize its stablecoin TerraUSD classic in 2022, eventually leading to its demise.in a United States District Court in the Southern District of Florida on Oct. 10, the defunct crypto network asked the court to compel Citadel Securities LLC to produce documents related to its trading activities in May 2022, when USTC depegged.
In its documentation, Terraform cites “publicly available evidence” suggesting that the head of Citadel Securities, Ken Griffin, planned to short the stablecoin around that time.“We contend that the market destabilization did not result from instability in the algorithm underlying the UST stablecoin. Instead, certain third-party market participants intentionally shorted it, causing it to depeg from its one dollar price.
Soon after UST’s troubles in early May 2022, an X user @JacobCanfield, who now has about 90K followers, tweeted on May 9 that the “umor is citadel is the culprit” through borrowing 100K BTC and using it to open a short position on UST. They later started dumping UST to make it lose its peg.
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