Terraform Labs Hit With RICO Suit Over Stablecoin Collapse

By Katryna Perera (August 26, 2022, 7:19 PM EDT) — Blockchain company Terraform Labs and its two top executives were hit with a proposed class action for allegedly violating the Racketeer Influenced and Corrupt Organizations Act by artificially inflating the price of the company’s stablecoins and publishing misleading information following the cryptocurrency’s collapse to cover their tracks in an $80 million money laundering scheme.

Plaintiff Matthew Albright filed his complaint on Thursday in New York federal court on behalf of a proposed nationwide class of all individuals and entities who purchased Terraform stablecoins between May 1, 2019, and June 15, 2022. The suit also names several other venture capital firms and…

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