A class action lawsuit has been filed in the U.S. against BinanceUS on behalf of TerraUSD (UST) investors. Reporting by skesslr and OKnightCrypto
“Those of you waiting for the earth to become unstable- I'm afraid you will be waiting until the age of men expires.”
The suit, which was filled by U.S.-based law firm Roche Freedman LLP, alleges that Binance.US marketed Terra’s dollar-based UST as more stable than it actually was. According to the suit, when UST and its sister token Luna classic crashed to zero in May, thousands of unsuspecting retail investors were caught completely off guard. Misleading advertising is what the suit says is to blame for those losses.
Deriding critics with adjectives like “poor” was not out of character for Kwon, but the founder was unusually silent for several days as his ecosystem eventually cratered. Even so, Kwon’s Terraform Labs — which held a central role in creating the Terra ecosystem — has yet to face a class action lawsuit like this one.According to FatMan — a member of the Terra Research Forum and a vocal critic of Terra with a large Twitter following — a suit against Terraform Labs is also coming, and it is likely to look similar to this one.
On the Binance.US suit, they added:"Centralized exchanges have become highly accessible to the general public - even my parents use them - and as such, it is virtually a moral imperative for them to uphold a high standard of truth and risk disclosure. Telling people an asset is fiat-backed when it is not is fraudulent."
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