Jump Trading intends to transfer Terra class-action lawsuit to California.

The algorithmic and high-frequency trading firm, Jump Trading, is trying to move the class-action lawsuit against them from Illinois to northern California, claiming it would speed up legal proceedings. The lawsuit was originally filed on May 9 by Taewoo Kim, and others affected by the collapse of the Terra/Luna ecosystem. Kim is represented by Selendy Gay and Robbins Geller Rudman & Dowd LLP. Jump Trading is accused of manipulating the value of the TerraUSD stablecoin, resulting in $1.3 billion worth of profit for the company. The firm and its CEO, Kanav Kariya, were also accused of violating Commodity Exchange and Commodity Futures Trading Commission regulations and of common law unjust enrichment. The defendants argued that filing the suit in Illinois was an “attempt at forum shopping” and that nearly all of the relevant witnesses and documents are outside Illinois. The plaintiffs have a simultaneous and relevant suit that has been ongoing in California for over a year, so both cases should be consolidated or coordinated. The TerraUSD/LUNA project collapsed in May 2022, wiping billions of dollars from the market. The project’s founder, Do Kwon, was arrested in Montenegro for allegedly using false travel documents and could potentially serve prison time in both the U.S. and South Korea.