Jane Street 遭指控內線交易加速 Terraform 2022 年崩潰

Terraform Labs 破產清算人正式向法院遞狀，指控華爾街量化交易巨頭 Jane Street 利用未公開情資在 2022 年 Terra 崩盤前進行內線交易獲利。訴狀指出 Jane Street 透過與 Terraform 前員工的私密群組獲取機密，藉此在市場崩潰前搶先交易牟利。

Jane Street is a U.S. quantitative trading firm and ETF market maker that provides liquidity for spot Bitcoin ETFs. Its algorithms have drawn scrutiny over concentrated selling pressure around 10 a.m. during U.S. trading. Analysis suggests, however, that ETF creation, redemption and hedging mechanisms may constrain price discovery, making the firm a focal point of allegations that it triggers a "10 a.m. sell-off."

The latest reports say there is currently no public evidence that Jane Street manipulated Bitcoin and that the controversy is more likely rooted in ETF market structure. The firm is also facing a lawsuit alleging insider trading involving Terraform Labs. Available information does not disclose the filing date, the amount at issue or the specific trading period, and the allegations remain subject to judicial proceedings.

In May 2022, Terraform Labs' algorithmic stablecoin UST lost its peg and LUNA collapsed, wiping out about $40 billion in market value. Liquidation administrator Todd Snyder sued Jane Street in the U.S. District Court for the Southern District of New York on February 23, 2026, alleging that the firm obtained nonpublic information, traded ahead of the market and avoided more than $200 million in losses. Jane Street denied the allegations.

After the lawsuit became public, the market's customary selling pressure around 10 a.m. Eastern Time, or 11 p.m. in Taipei, appeared to ease. On February 25, 2026, Bitcoin surged from about $63,900 to above $69,000 intraday, adding more than $170 billion to the total crypto market capitalization in a single day. Ether gained more than 13% and Solana more than 15%. However, there is currently no evidence that Jane Street manipulated prices during that time window.

TerraUSD (UST) was designed to maintain its $1 peg through an algorithm and LUNA, but it lost the peg in May 2022, wiping out about $40 billion in Terra ecosystem assets. Terraform Labs' liquidator now alleges that Jane Street used internal liquidity information to trade ahead of the market, bringing one of the crypto industry's biggest collapses back into the judicial spotlight.

Liquidator Todd Snyder filed suit in federal court in New York on Feb. 23, 2026, alleging that Jane Street withdrew another 85 million UST within 10 minutes of learning that Terraform planned to remove 150 million UST from Curve. After the lawsuit became public, market speculation spread that selling pressure at 10 a.m. U.S. Eastern time had disappeared. Bitcoin rebounded about 10%, from roughly $62,000 to nearly $70,000, but the manipulation claims have not been substantiated.