Jane Street Group LLC, a prominent quantitative trading firm, has moved to dismiss a lawsuit brought by the administrator of Terraform Labs’ bankruptcy estate. In a Manhattan federal court filing on Thursday, the firm urged the court to throw out the case, which accuses Jane Street of insider trading that allegedly worsened the Terra ecosystem’s collapse. The motion frames Terraform’s complaint as an attempt to recover funds from Jane Street to cover a fraud Terraform allegedly perpetrated on the market. The filing argues that Terraform’s claims rest on a mischaracterization of the firm’s trading activity and that any alleged wrongdoing by Terraform itself has already been prosecuted and resolved. Terraform’s court-appointed administrator, Todd Snyder, filed the lawsuit in February, naming Jane Street, Terra founder Do Kwon’s associates, and two Terraform employees. The complaint accuses the trading firm of acting on material nonpublic information from Terraform insiders to profit from...
The White House has confirmed that U.S. President Donald Trump will deliver a keynote address at a private gala for the top holders of the TRUMP memecoin, slated to take place at Mar-a-Lago this weekend. The event has already drawn scrutiny over the intersection of politics, finance and social media hype surrounding meme coins tied to political figures. According to Reuters, the White House affirmed on Friday that Trump would speak at the gala luncheon organized by the company behind the Official TRUMP memecoin. The affair is designed to be exclusive, with access limited to the top 297 TRUMP token holders, and the top 29 holders qualifying for a private reception with the president. The organizers list attendance terms that acknowledge the possibility that Trump’s schedule could prevent participation, or that the event could be canceled for any reason. Key takeaways The White House has confirmed Trump will keynote a gala for TRUMP memecoin holders at Mar-a-Lago, with the event planne...