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Jane Street has asked a U.S. court to dismiss Terraform’s lawsuit, arguing the claims attempt to shift blame for the Terra collapse.The lawsuit alleges the firm used non-public information to trade around key liquidity moves before UST lost its dollar peg in May 2022.Jane Street says trading decisions were based on public information and points to prior fraud rulings against Terraform and Do Kwon.

Terraform Labs accused Jane Street of precipitating the collapse of the UST/LUNA algorithmic stablecoin through insider trading and market manipulation.The quant firm argues the lawsuit is an attempt to shift blame for a fraud that has already been prosecuted.