đ Tai Mo Shan, a Jump Crypto subsidiary, is settling with the SEC for a cool $123M after a little "oopsie" with TerraUSD (UST). They allegedly misled investors about UST's stability before its epic nosedive in 2022.
- The SEC claims Tai Mo Shan snagged Terra LUNA at a discount and pumped $20M into UST to keep its dollar peg. Spoiler: it didn't work.
- The crash sent shockwaves, prompting new stablecoin regulations like the Lummis-Gillibrand Act.
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