Against Terra and Do Kwon’s Request, the Class Action Lawsuit Was Voluntarily Dismissed, what happened let’s discuss….
Recent Released: GALA Price Jumps By 15% Or GALA Stuck Deal
Albright v. Terraform Labs, Pte. Ltd., et al., a class action lawsuit filed in the Southern District of New York Court, was dropped on its own on Monday. In an August class action lawsuit against Terraform Labs, Do Kwon, and their partners, the defendants were accused of misleadingly promoting, manipulating, and selling TerraUSD (UST) stablecoin and Terra (LUNA).
Case against Terraform Labs and Do Kwon as a whole is thrown out.
In a tweet on January 10, Zhu Su, co-founder of Three Arrows Capital (3AC), said that a class action lawsuit against Terraform Labs, Luna Foundation Guard, and its executives had been voluntarily dropped.
Curious how long it will take cryptonative media to report on this sudden voluntary dismissal of class action against Luna foundation and Luna investors pic.twitter.com/8SyMhB4u4g
— Zhu Su 🔺 (@zhusu) January 10, 2023
Matthew Albright, who is the main plaintiff, has sent a notice to the U.S. District Court for the Southern District of New York. The notice says that the case has been voluntarily dropped, with no harm done to the defendants.
Terraform Labs, Jump Trading, Delphi Digital Consulting, Luna Foundation Guard (LFG), Do Kwon, Nicholas Platias, Jose Macedo, Kanav Kriya, and Remi Tetot are all named as defendants in the case.
The defendants were accused in the class action lawsuit of spreading false information about UST algorithmic stablecoin, Terra (LUNA), and other Terra coins. Also, they talked about how stable the coins were while profits were being moved out of Terraform Labs and into the personal accounts of the defendants.
Sam Bankman-FTX Fried’s and Alameda Research Said
Sam Bankman-FTX Fried’s and Alameda Research recently said that they manipulated the market and traded LUNA tokens. This is likely why the move was made. Zhu Su and Do Kwon had previously said that the UST depeg and the shorting of LUNA tokens after the depeg were caused by Alameda Research and crypto lender Genesis.
But Bragar Eagel & Squire, P.C. and securities and consumer rights litigation firm Scott+Scott have still filed two class action lawsuits against Terraform Labs and Do Kwon.
The Price of Terra (LUNA) Goes up 12%
In the last 24 hours, the price of Terra (LUNA) has gone up by more than 12%. At the moment, the price is $1.55. The 24-hour low is $1.37 and the 24-hour high is $1.82.
The price of LUNA went up a lot after the latest news about the Terra 2.0 chain. Jared from TFL said in a tweet that Terra Station will automatically update to Station, which is not compatible with Terra Classic (LUNC).
Source: Google Trend