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20 - ORGANIZATIONS/PRIVATE/Jane Street Capital.md
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@ -149,7 +149,7 @@ According to the complaint, Jane Street accumulated about 200 million UST betwee
The complaint alleges that Jane Street went short 3.2 million UST and 1.1 million Luna on May 9, 12.2 million UST and 1.4 million Luna on May 10, and a further 8.2 million UST and 4.5 million Luna on May 11; that on May 10 a trader said he had "understood that mnpi didn't really exist in crypto"; that Granieri planned to "informally wall" leadership off from the desk although he did not "think there's any legal requirement to do so"; that Jane Street unwound the shorts for more than 19 million dollars of profit on UST and more than 115 million dollars on Luna; that on May 13 it ended the day holding more than 2.2 billion Luna futures bought for less than 1 million dollars; and that after an on-chain analytics firm, Nansen, published wallet analysis on May 27, 2022, employees discussed decommissioning the wallet and retired four wallets. The plaintiff seeks disgorgement for Terraform's creditors.[^18]
The defendants, represented by [[Cleary Gottlieb Steen & Hamilton]], moved to dismiss on April 23, 2026. Their memorandum calls the case "an attempt by the estate of Terraform Labs Pte Ltd. ('Terraform') to extract cash from Jane Street to foot the bill for a fraud that Terraform itself perpetrated on the market," states that investors including Jane Street withdrew more than 2 billion dollars of UST from Anchor on May 7 in response to public signals, argues that the complaint's own allegations place the 85 million UST sale ten minutes after the alleged information was visible to the market and the first shorts on May 8, before the alleged rescue information of the evening of May 9, relies on the [[Archegos Capital Management|Archegos]] decision of the Second Circuit for the absence of a duty between arm's-length counterparties, and invokes the Wagoner rule and in pari delicto, stating that the plaintiff "stands in the shoes of a convicted felon" whose founder is serving a 15-year prison sentence. Their exhibits include a May 7, 2022 Jane Street chat forwarded on June 3, 2022 "to retain a record," and the May 9, 2022 email from Jump introducing Granieri to DiSomma, "one Jumps owners," and Olsen.[^19][^20] The plaintiff, represented by [[Kirkland & Ellis]], filed an opposition under seal and in redacted form on June 11, 2026; the defendants replied on July 13, 2026, and all parties jointly requested oral argument the same day.[^17][^20] A ruling had not been located as of October 1, 2026.
The defendants, represented by [[Cleary Gottlieb Steen & Hamilton]], moved to dismiss on April 23, 2026. Their memorandum calls the case "an attempt by the estate of Terraform Labs Pte Ltd. ('Terraform') to extract cash from Jane Street to foot the bill for a fraud that Terraform itself perpetrated on the market," states that investors including Jane Street withdrew more than 2 billion dollars of UST from Anchor on May 7 in response to public signals, argues that the complaint's own allegations place the 85 million UST sale ten minutes after the alleged information was visible to the market and the first shorts on May 8, before the alleged rescue information of the evening of May 9, relies on the [[Archegos Capital Management|Archegos]] decision of the Second Circuit for the absence of a duty between arm's-length counterparties, and invokes the Wagoner rule and in pari delicto, stating that the plaintiff "stands in the shoes of a convicted felon" whose founder is serving a 15-year prison sentence. Their exhibits include a May 7, 2022 Jane Street chat forwarded on June 3, 2022 "to retain a record," and the May 9, 2022 email from Jump introducing Granieri to DiSomma, "one Jumps owners," and Olsen.[^19][^20] The plaintiff, represented by [[Kirkland & Ellis]], filed an opposition under seal and in redacted form on June 11, 2026; the defendants replied on July 13, 2026, and all parties jointly requested oral argument the same day.[^17][^20]
The government's letter at Ellison's sentencing records that the May 2022 collapse of Terra and Luna led Alameda's lenders to recall nearly all their loans, requiring Alameda to repay more than 6 billion dollars on demand, which it did largely with FTX customer funds.[^21]