Jump Crypto allegedly made a secret deal with Terraform Labs' founder, Do Kwon, resulting in the company pocketing over $1 billion. The president of Jump Crypto, Kanav Kariya, invoked his Fifth Amendment rights when questioned by the SEC about the hidden market-making scheme. The deal involved Jump Crypto buying a significant amount of UST to restore the token's value in exchange for an amendment to Jump's LUNA loan agreement. Kariya, who was part of the Luna Foundation Guard, claimed to promote transparency and governance. The SEC has accused Kwon of wiping out $40 billion in market value through a fraudulent scheme. Kwon is facing a civil fraud lawsuit and potential extradition to the US. The SEC has requested summary judgment, while Kwon's defense argues no securities laws were violated. Kwon previously had an Interpol's Red Notice for document forgery and could be detained in the same facility as Sam Bankman-Fried.
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