The US Securities and Exchange Commission has probed whether the president of Jump Crypto engaged in a secret agreement with Terraform Labs’ Do Kwon in the midst of stablecoin TerraUSD’s collapse. 

SEC counsel Devon Staren deposed Jump Crypto president Kanav Kariya in August as part of the securities regulator’s ongoing civil suit against Terraform Labs. The SEC alleges Kwon “perpetuated a fraudulent scheme,” to the tune of $40 billion, through unregistered securities LUNA and UST. 

In a portion of Kariya’s deposition unsealed late last month, Staren suggested that Kwon and Kariya penned a deal on May 23, 2021, weeks after UST had depegged. 

UST, Kwon’s algorithmic…

Read more on Blockworks