Jane Street Accused Of Using Terra Telegram Backchannel Before UST Crash

 by Zoltan Vardai via CoinTelegraph.com,

A newly unsealed court filing in the Terraform Labs bankruptcy case alleges Jane Street used a private Telegram channel with former Terraform intern Bryce Pratt to obtain nonpublic information before the collapse of TerraUSD. Pratt is currently a systems developer at Jane Street. 

The channel, called “Bryce’s Secret,” allegedly gave the quantitative trading firm a backchannel to Terraform insiders as Jane Street unwound exposure to TerraUSD (UST) shortly before the algorithmic stablecoin lost its dollar peg in May 2022, according to the filing. “Jane Street used Bryce’s Secret chat group and other backchannel sources of non-public information to front-run trading that hastened the collapse of Terraform,” the filing states.

The claims renew scrutiny of who profited from Terra’s $40 billion collapse, one of the crypto industry’s largest failures, and could test how traditional insider trading and market manipulation theories apply to decentralized finance markets.

On Feb. 23, Todd Snyder, Terraform’s court-appointed administrator, sued Jane Street, its co-founder Robert Granieri, and employees Bryce Pratt and Michael Huang in Manhattan federal court, accusing them of “misappropriating confidential information and manipulating market prices.” 

Two months later, Jane Street filed a motion to dismiss the lawsuit, arguing that Terraform attempted to “extract cash from Jane Street to foot the bill for a fraud that Terraform itself perpetrated on the market,” Cointelegraph reported on April 23.

A spokesperson for Jane Street told Cointelegraph that the lawsuit was a transparent attempt to “extract money when it is well-established that the losses suffered by Terra and Luna holders were the result of a multi-billion dollar fraud perpetrated by the management of Terraform Labs.”

Terraform Labs court filing in the lawsuit against Jane Street. Source: cloudfront.net

Curve trade raises new UST concerns

The timing of a particular UST trade has raised more concerns, suggesting potential access to insider information by an unknown entity.

On May 7, 2022, Terraform quietly withdrew about $150 million in UST from the Curve 3pool liquidity pool.

Less than 10 minutes after Terraform’s withdrawal, Curve 3pool saw its largest single swap of $85 million, precipitating a steep sell-off in UST, which the filing said “ultimately led to the collapse of the Terra ecosystem.”

The heavily redacted filing does not identify the entity behind the swap.

Terraform Labs court filing in the lawsuit against Jane Street. Source: cloudfront.net

Snyder seeks to recover alleged wrongful gains from Jane Street, plus compensation for additional damages to distribute to Terraform creditors and investors who lost funds in the 2022 collapse.

Jane Street is the world’s leading quantitative trading firm by net trading revenue, with $39.6 billion generated in 2025, reported Reuters.

Cointelegraph reached out to Terraform’s court-appointed administrator for comment but had not received a response by publication.

https://www.zerohedge.com/crypto/jane-street-accused-using-terra-telegram-backchannel-ust-crash

US, Iran said to have reached draft deal

 The United States and Iran have reached a draft peace agreement, which is expected to be announced within the next few hours, the Iranian Labour News Agency reported on Thursday.

The draft includes an immediate and comprehensive ceasefire on all fronts, with both sides agreeing to refrain from attacking each other's infrastructure, according to the outlet. Washington and Iran also agreed that the freedom of navigation through the Persian Gulf and the Strait of Hormuz will be guaranteed under a joint regulatory mechanism.

Furthermore, the sanctions against Iran will be lifted gradually, provided that Iran complies with the terms of the agreement. The parties also agreed that negotiations on the remaining issues will begin within seven days at the latest, according to the report.

https://breakingthenews.net/Article/US-Iran-said-to-have-reached-draft-deal/66341706

Corbus Sets Pre-2026 ASCO CRB-701 Data Conference Call

Corbus Pharmaceuticals (Nasdaq: CRBP) appointed former Evercore Managing Director Nishant Saxena as its first Chief Business Officer and scheduled a May 26, 2026 conference call to review updated Phase 1/2 data for Nectin‑4 ADC CRB-701 in HNSCC and cervical cancer.

The company highlighted expected summer 2026 milestones, including initiating a registrational CRB-701 study in second-line HNSCC and completing the 240-patient CANYON-1 Phase 1b study of obesity candidate CRB-913, plus multiple CRB-701 presentations and an HNSCC KOL event at the 2026 ASCO meeting.

https://www.stocktitan.net/news/CRBP/corbus-pharmaceuticals-announces-the-appointment-of-nishant-saxena-li9h6xiv0hua.html

Meta settles first US case over school costs tied to youth mental health, court filing shows

Meta Platforms on Thursday reached a settlement in the first case set for trial seeking ‌to make social media companies cover the costs ‌that school districts say they have incurred to combat a mental health crisis ​allegedly fueled by platforms.

The agreement fully resolves a lawsuit brought by a Kentucky school district, following earlier settlements by co-defendants Alphabet's YouTube, Snap and TikTok. The case had been scheduled for ‌a June 15 trial ⁠in federal court in Oakland, California.


"We've resolved this case amicably and remain focused on our longstanding ⁠work to build protections like Teen Accounts that help teens stay safe online, while giving parents simple controls to support ​their families," ​said a spokesperson for Meta.

Breathitt ​County School District, a small ‌rural district in Appalachia, accused the companies of designing their platforms to keep young users hooked, driving anxiety, depression and self-harm among students and leaving schools to deal with the consequences.

Breathitt is among roughly 1,200 school districts pursuing similar claims. ‌Its case was selected as a ​bellwether, or test case, for those ​lawsuits.

The lawsuit sought over $60 ​million to cover the costs of counteracting the ‌impact of social media on ​students' mental health ​and to fund a 15-year mental health program to abate the problem. It also sought a court order ​requiring the companies ‌to modify their platforms to reduce addictive features.

https://ca.finance.yahoo.com/news/meta-settles-first-us-case-174302329.html

Newsom warns AI replacing workers, signs order

 California Governor Gavin Newsom warned on Thursday that artificial intelligence (AI) is already disrupting the economy and replacing workers, saying California will act to ensure the benefits are more widely distributed.

"The economic disruption is here. Workers get replaced by algorithms," Newsom wrote on X, adding that "the system is broken" as "billionaires get richer." "We have to build a future that protects workers, supports small businesses, and ensures the new economy works for everyone, not just a handful of tech companies," he said.

The remarks came as Newsom signed an executive order directing state agencies to prepare for potential AI-related workforce disruption and develop policies aimed at helping workers adapt to economic change. "It's time to rewrite the rules to make sure THE PEOPLE benefit," Newsom stressed. Meanwhile, United States President Donald Trump said earlier that he had postponed signing the AI executive order slated for today because he disagrees with certain parts of it.

https://breakingthenews.net/Article/Newsom-warns-AI-replacing-workers-signs-order/66341626

Turkey's BIST 100 drops 6% at close after court ruling

 Major Turkish stock indexes fell at the close on Thursday, with the Borsa Istanbul Stock Exchange 100 (BIST 100) nosediving 6% after a court in Turkey nullified the results of the 2023 congress of the Republican People's Party, one of Turkish President Recep Tayyip Erdogan's biggest opponents.

The Ankara Regional Court of Justice 36th Civil Chamber ordered earlier today that Ozgur Ozel, the current leader of the main opposition party, alongside his administration, be temporarily removed, adding that Kemal Kilicdaroglu, the party's previous head, should be reinstated.

The BIST 100 plunged 6.05% at the closing bell, hitting its lowest point since early April. Before the close, the BIST 100 management activated the circuit breaker system in an attempt to stop panic selling, temporarily halting all trade.

https://breakingthenews.net/Article/Turkey's-BIST-100-drops-6-at-close-after-court-ruling/66340668

Rubio: Cuba got weapons from Russia, China

 US Secretary of State Marco Rubio accused Havana of receiving military help from Moscow and Beijing, among other actions Washington perceives as anti-American.

"Cuba not only has weapons they've acquired from Russia and China over the years, but they also host Russian and Chinese intelligence presence in their country," the US top diplomat claimed to reporters. He accused the Caribbean state of being one of the leading sponsors of terrorism, noting how "Cuba has always posed a national security threat to the US."

His comments come as tensions between the two countries rise even higher following criminal charges brought against Cuba's former President Raul Castro in the US. Rubio himself is the son of Cuban immigrants who immigrated to Florida in 1956.

https://breakingthenews.net/Article/Rubio:-Cuba-got-weapons-from-Russia-China/66340920