A few days back, the crypto world was stunned by news that the bankruptcy administrator for Terraform Labs had filed a lawsuit in Manhattan federal court against Jane Street and several of its employees. The complaint alleged that Jane Street used non-public information during the 2022 Terra collapse to trade ahead of key liquidity events. Throughout the week, crypto markets have risen. And today, altcoins really began to skyrocket. As usual, the community has needed a reason to attribute this relief rally, and one of Wall Street’s most sophisticated firms is the one most have chosen.

Jane Street is not a small or obscure player. Founded in 2000, the firm built its reputation in high-frequency and quantitative trading across equities, ETFs, options, and later digital assets.