Terraform Labs Faces Another Class Action Lawsuit

Terraform Labs is facing yet another lawsuit, this time over alleged racketeering. Lawyers on behalf of plaintiff Matthew Albright filed a class action lawsuit, according to a court document. The lawsuit claims that Terraform Labs violated the Racketeer Influenced and Corrupt Organizations Act. The lawsuit has been filed on behalf of all persons and entities who purchased the Terra coins between May 1, 2019, and June 15, 2022. Albright and his attorneys conducted an investigation, which included reviewing press releases, public statements, and media reports, and "other commentary analysis and publicly disclosed reports and information about defendants." Terraform Labs falsely promoted $USTC, $LUNC, and other associated crypto assets via various social channels.