Prime Trust's parent company reports $8m loss due to TerraUSD investments

Prime Core Technologies, the parent entity of crypto custodian Prime Trust, reports an $8 million shortfall from TerraUSD investments. The loss was disclosed in an Aug. 24 filing with the Bankruptcy Court for the District of Delaware in the United States.

Timeline of Terrausd-wormhole

In a recent bankruptcy filing, Prime Core Technologies, the parent company of crypto custodian Prime Trust, disclosed an $8 million loss through investments in TerraUSD (USTC), shedding light on the financial turmoil that contributed to the company's bankruptcy.

TerraUSD Classic (USTC), the algorithmic stablecoin of the Terra Classic (LUNC) ecosystem is on a parabolic run today, showcasing a massive resurgence in interest for the stablecoin. The TerraUSD Classic Run According to data from CoinMarketCap, the TerraUSD Classic stablecoin is up by 25.48% over the past 24 hours to $0.01624.

The recent hearing on Terraform Labs' motion to dismiss the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) shed light on the controversial question of whether TerraUSD (UST) can be considered an “investment contract.” The proceedings, held on Thursday night, showcased a clash of perspectives between Terraform's defense team and the SEC.

Prosecutors in South Korea have filed charges against Daniel Shin, the co-founder of Terraform Labs (the firm behind Terra USD) alongside Do Kwon, who was recently arrested while traveling through Europe.

The U.S. Securities and Exchange Commission's (SEC) legal documents have substantiated that Jump Trading, a crypto trading entity, played a pivotal role in rescuing the struggling algorithmic stablecoin TerraUSD (CRYPTO: USTC), spearheaded by Do Kwon, a year prior to its eventual downfall. Jump Trading, based in Chicago, bolstered the price of the algorithmic stablecoin back to the $1 mark by procuring over 62 million tokens, after the stablecoin had deviated from its peg in May 2021, the court records disclosed.

A lawsuit has been filed in an Illinois district court alleging that Jump Trading participated in manipulating the price of TerraUSD (UST), an algorithmic stablecoin, through its partnership with Terraform Labs.

The US Justice Department has probed the two major trading firms Jump Trading and Jane Street about plans for a potential bailout of the Terra network's failed algorithmic stablecoin TerraUSD (UST).

The U.S. Justice Department is investigating the 2022 collapse of the TerraUSD stablecoin and is considering bringing criminal charges against the coin's creator, Do Kwon, as reported by the Wall Street Journal. The move comes after the U.S.

The U.S. Department of Justice is reportedly investigating the collapse of TerraUSD (CRYPTO: LUNC), a stablecoin created by South Korean crypto entrepreneur Do Kwon. This could potentially result in criminal charges against Kwon.

The United States Justice Department is reportedly investigating the collapse of the once-leading algo-stablecoin – TerraUSD (UST). According to a report by Wall Street Journal, the Federal Bureau of Investigation (FBI) and the Southern District of New York (SDNY) have started to probe UST's collapse.