TechFlow news, according to Bloomberg, liquidators of the now-bankrupt cryptocurrency hedge fund Three Arrows Capital are seeking at least $1.3 billion in damages from Terraform Labs Pte., co-founded by Do Kwon. The claim stems from losses suffered by Three Arrows Capital during the 2022 collapse of TerraUSD and Luna tokens.
In court filings, the liquidators allege that Terraform artificially inflated the prices of Luna and TerraUSD tokens through market manipulation, inducing Three Arrows Capital to purchase these tokens. The subsequent crash not only wiped out Three Arrows' investments in these tokens but also caused significant losses across its other holdings.
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