Cryptocurrency
"Binance.US Accused of Misleading Investors in Class-Action Lawsuit Over Terra"
Primary Source ↗Blockchain(s)
Terra
Incident Details
A group of people who put money into Terra (UST), the stablecoin that collapsed in May, have filed a class action lawsuit against Binance.US. Binance.US is a crypto exchange that operates within the US, managed independently from Binance, which is not available to US customers due to fears that it would run afoul of US securities regulations.The lawsuit argues that UST is an unregistered security, and that as a result, Binance.US was violating securities laws by listing it. The lawsuit also alleges that Binance.US misled investors, leading them to believe that UST was more stable than it actually was. More than 2,000 investors have joined the lawsuit.
Technical Details
- Initial Attack Vector
- Regulatory / legal action
- Vendor / Product
- Binance.US class action filed
Timeline
- 2022-06-13 Breach occurred
- 2022-06-13 Publicly disclosed