Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
Billionaire Ken Griffin's trading firm, Citadel Securities, denied a claim from bankrupt Terraform Labs that it was behind the collapse of the algorithmicwith fraud, selling unregistered securities, selling unregistered security-based swaps and other related claims. Federal prosecutors in New York also charged Do Kwon with fraud hours after he was
The Terra network and Do Kwon rose to the highest tier of the crypto world thanks to big-shot investors, only to fall apart within a few days in May 2022. On May 7, the price of the then-$18-billion algorithmic stablecoin UST, which is supposed to maintain a $1 peg, started to wobble and fell to 35 cents on May 9. Its companion token,, which was meant to stabilize UST's price, fell from $80 to a few cents by May 12.
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