As a seasoned crypto investor who’s weathered more than a few market storms, I can’t help but feel a sense of deja vu reading about the latest legal challenges facing Terraform Labs. The claims from Three Arrows Capital (3AC) are indeed eye-catching, with a whopping $1.3 billion at stake.
The financial troubles for Terraform Labs, which filed for bankruptcy, are expected to become more intricate as Three Arrows Capital (3AC), a prominent crypto hedge fund in the past, has demanded a repayment of approximately $1.3 billion. 3AC alleges that Terraform Labs played a significant role in their collapse in 2022.
The Growing Terraform Labs Challenges
The arguments of Su Zhu’s hedge fund are centered around the losses it incurred due to the failure of TerraUSD and LUNA tokens. These collapsing digital assets significantly affected 3AC, as it had investments in both. As per the liquidators, during that period, the firm led by Do Kwon is alleged to have artificially inflated the value of these assets through manipulative practices.
It’s quite typical for companies that have gone bankrupt to look for methods to retrieve funds. Lately, Celsius Network has taken legal action against Tether, alleging Bitcoin transaction fraud worth $2.4 billion. However, Tether denies these accusations.
This story is developing, please check back for updates!!!
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2024-08-12 22:09