Jane Street Group LLC, a prominent quantitative trading firm, has moved to dismiss a lawsuit brought by the administrator of Terraform Labs’ bankruptcy estate. In a Manhattan federal court filing on Thursday, the firm urged the court to throw out the case, which accuses Jane Street of insider trading that allegedly worsened the Terra ecosystem’s collapse.

The motion frames Terraform’s complaint as an attempt to recover funds from Jane Street to cover a fraud Terraform allegedly perpetrated on the market. The filing argues that Terraform’s claims rest on a mischaracterization of the firm’s trading activity and that any alleged wrongdoing by Terraform itself has already been prosecuted and resolved.

Terraform’s court-appointed administrator, Todd Snyder, filed the lawsuit in February, naming Jane Street, Terra founder Do Kwon’s associates, and two Terraform employees. The complaint accuses the trading firm of acting on material nonpublic information from Terraform insiders to profit from Terra-related tokens as the project unraveled.

In their motion to dismiss, Jane Street’s lawyers contend that the firm’s Terra-linked trades were motivated by ordinary market signals and public information, not any nonpublic tips. The court papers emphasize that Terraform’s collapse became widely visible to investors as the market pricing deteriorated, and that Jane Street acted to sell a deteriorating investment during the downturn.

The filing also notes that Terraform’s own representatives have publicly linked the collapse to ongoing market dynamics, arguing that the timing of Jane Street’s TerraUSD sales does not align with any disclosed material nonpublic information. The motion points to Terra’s transition to a new liquidity pool in early May 2022 and asserts that Terraform failed to identify any specific nonpublic information that Jane Street allegedly learned, despite extensive pre-suit discovery.

For context, Terraform’s dramatic downfall occurred in May 2022 when its algorithmic stablecoin TerraUSD briefly lost its peg to the U.S. dollar, triggering a broader crash in the Terra ecosystem. The implosion sent the price of Luna token sharply lower and erased roughly $40 billion in market value, a specter that still shapes regulatory and legal scrutiny of crypto markets.

Jane Street’s submission argues that the fundamental questions about Terra’s collapse—and who bears responsibility—had already been addressed through criminal prosecutions. The motion points to the guilty pleas of Do Kwon on conspiracy and wire fraud charges, which culminated in a 15-year prison sentence, as evidence that the broader fraud narrative has been adjudicated by the courts.

On the factual point at the heart of the case—the timing of Terra-related trades—the motion asserts that Terraform’s complaint is self-defeating. It notes that Terraform claimed Jane Street’s largest TerraUSD sale occurred roughly 10 minutes after “material nonpublic information” allegedly became visible to the market, a sequence the filing says is inconsistent with the asserted information flow and timing. Jane Street also contends that Terraform failed to identify any specific nonpublic information the firm allegedly obtained, despite pre-suit discovery efforts.

The motion requests that the court dismiss the suit with prejudice, meaning Terraform could not refile a claim against Jane Street on the same grounds in the future. Court filings offer a window into the procedural chess game unfolding as the parties navigate whether crypto market activity can be treated the same as traditional securities markets in insider-trading disputes.

As the litigation unfolds, the dispute raises broader questions about how insider trading claims will be treated in the relatively uncharted territory of crypto markets. The case pits a well-resourced market-maker against a bankruptcy administrator aiming to recover value for Terra creditors. The outcome could influence how other market participants respond to similar allegations in the wake of high-profile collapses.

In addition to the core claims against Jane Street, the lawsuit named Terra’s co-founder and individuals connected to the project. The legal maneuvering reflects a broader pattern in which investors and authorities scrutinize trading activity around controversial crypto events, especially those tied to failed guarantees, liquidity shifts, or ecosystem transitions. The balance between public information and alleged nonpublic tips remains central to the legal debate.

Observers will be watching closely to see how the judge weighs the timing of Terra-related disclosures against the process by which nonpublic information might circulate in crypto markets. The court’s ruling could provide a blueprint for how similar insider-trading theories are evaluated when the assets in question are algorithmic stablecoins, cross-chain tokens, or other crypto instruments that lack traditional centralized disclosure regimes.

For now, the case sits at a crossroads of market behavior, regulatory scrutiny, and the evolving standard for what constitutes actionable insider information in crypto markets. The docket remains active, and future filings will likely shed additional light on how the courts interpret these complex dynamics as crypto trading continues to mature into a regulated, litigated landscape.

Readers watching this case should note the docket referenced in the motion, which is publicly accessible. The filing material can be reviewed in the docket entry for Snyder v. Jane Street Group LLC on CourtListener: https://www.courtlistener.com/docket/72321910/29/snyder-v-jane-street-group-llc/

Key Highlights

• DeepSeek unveiled two open-source AI models: V4-Pro (1.6 trillion parameters) and V4-Flash (284 billion parameters)
• Each model features a 1-million-token context window, rivaling Google’s Gemini capabilities
• V4-Pro achieves performance comparable to OpenAI’s GPT-5.4 in coding tests and ranks second only to Gemini in reasoning tasks
• The company emphasizes significantly lower computational and memory requirements versus competitors
• News arrives amid reports of Tencent and Alibaba negotiating investment deals valuing DeepSeek above $20 billion

Chinese artificial intelligence firm DeepSeek unveiled preview editions of its newest flagship open-source AI system, V4, this past Friday. According to the company, this latest iteration delivers enhanced reasoning capabilities, cost efficiency, and an exceptionally large context processing capacity.

The firm introduced two distinct variants: V4-Pro and V4-Flash. The Pro edition features 1.6 trillion parameters, while the Flash variant represents a streamlined alternative containing 284 billion parameters, engineered for superior efficiency and cost-effectiveness.

Each variant supports processing up to one million tokens simultaneously. This capability enables them to analyze substantial volumes of text in a single operation, positioning them competitively alongside Google’s Gemini in this dimension.

The company noted that current models handle text exclusively. DeepSeek confirmed development is underway to incorporate multimodal functionality, which will enable future versions to analyze images and video content.

Performance Against Competing Systems

In MMLU-Pro testing, a standard industry benchmark, V4-Pro delivered results equivalent to OpenAI’s GPT-5.4. Performance placed it marginally below Google’s Gemini and Anthropic’s Claude Opus 4.6. For reasoning benchmarks specifically, V4-Pro secured second place behind only the most recent Gemini release.

DeepSeek highlighted that V4 has been fine-tuned for integration with AI agent frameworks including Claude Code, OpenCode, and CodeBuddy.

The organization characterized V4’s context capacity as “world leading with drastically reduced compute and memory costs.” Industry analyst Zhang Yi identified it as an “inflection point,” suggesting ultra-long context capabilities could transition from experimental research environments into mainstream commercial applications.

AI industry expert Max Liu characterized the launch as a “milestone” for China’s artificial intelligence sector, drawing parallels to the market impact when DeepSeek’s R1 initially debuted.

Financial and Strategic Landscape

This marks DeepSeek’s first significant new-generation model launch since R1 emerged in early 2025. That previous release sent ripples through global technology markets, affecting companies like Nvidia and Meta, by demonstrating that an economical, efficient model could rival expensive proprietary alternatives.

DeepSeek has not disclosed which semiconductor chips powered V4’s training process. Earlier in the year, U.S. authorities alleged the company utilized restricted Nvidia Blackwell chips. Subsequently, a report from The Information indicated training occurred on Huawei chips instead.

Huawei verified that its Ascend supernode infrastructure, utilizing Ascend 950 AI processors, would provide complete support for DeepSeek’s V4 systems.

The model debut follows closely after reports emerged that Tencent and Alibaba are pursuing investment discussions with DeepSeek at a valuation exceeding $20 billion. DeepSeek ranks among China’s six premier AI unicorn companies.

A preview build of V4 is currently accessible through Hugging Face. DeepSeek has not yet specified a timeline for the complete public release.

Crypto volatility cooled on Friday, with bitcoin BTC$77,667.29 stuck between $77,500 and $78,500 range since midnight UTC.

The muted price action follows a failed breakout attempt near $80,000 on Wednesday, although the broader trend remains constructive, with the BTC price grinding higher through April and printing a series of higher highs and higher lows.

Ether (ETH) matched bitcoin’s performance on Friday, losing around 0.9% since midnight while also remaining in a narrow trading range.

U.S. stock futures were mixed, with Nasdaq 100 futures rising by 0.5% on the back of strong tech earnings and S&P 500 futures slipping 3 basis points.

The Dollar Index (DXY) was little changed despite comments from U.S. President Donald Trump confirming that the ceasefire between Israel and Lebanon has been extended by three weeks. The dollar fell roughly 0.5% when the ceasefire was first announced on April 16.

Derivatives positioning

• Bitcoin futures open interest has declined by over 6% to 744.3K BTC in 24 hours, as the rally in spot price pulls back to $77,500 after failing to hit $80,000 early this week. The moves suggest traders are unwinding leveraged positions and that bullish momentum is cooling in the near term.
• BTC’s 24-hour open interest–adjusted cumulative volume delta has flipped negative, meaning sellers are hitting the bid more than buyers are lifting the ask over the period. Annualized perpetual funding rates remain slightly negative, indicating dominance of bearish short positions.
• Futures tied to other major cryptocurrencies, such as ether (ETH), solana (SOL) and XRP (XRP), have seen lackluster trading over the past 24 hours.
• Privacy-focused zcash (ZEC), however, stands out. Open interest in its futures has climbed nearly 7.5% to a 10-day high of 1.88 million tokens, while 24-hour trading volume has surged 80%.
• The token also boasts one of the strongest positive CVD readings alongside positive funding rates, indicating sustained aggressive buying interest and bullish positioning overall.
• While BTC and ETH prices have come under pressure, investors likely see it as a brief pause in the rally. That’s evident from the continued slide in bitcoin’s 30-day implied volatility index, BVIV. It has dropped to 42%, the lowest since Jan. 31. ETH’s index has dipped below 65%, also the lowest since Feb. 1.
• On Deribit, bitcoin and ether risk reversals continue to show a bias for put options across all time frames. It shows persistent downside hedging by market players and upside volatility selling via covered calls.

Token talk

• The CoinDesk Memecoin Index (CDMEME) was the only benchmark in the black on Friday, posting a gain of less than 0.2% while the DeFi Select Index (DFX) and Computing Select Index (CPUS) lost about 1% each.
• DeFi tokens lido (LDO) and MORPHO$1.8584 led the sector’s losses, falling by between 3% and 3.8% since midnight UTC as sentiment continues to suffer following last weekend’s $290 million KelpDAO exploit.
• Privacy coin zcash (ZEC) gave back 0.5% of its gains on Friday, but remains up by more than 7% over the past 24 hours, buoyed by Thursday’s listing on popular retail trading app Robinhood.
• CoinMarketCap’s “Altcoin Season” index ticked back up to 39/100 on Friday as investors began to make speculative bets while bitcoin remained range-bound.

Michael Saylor, executive chairman of Strategy (MSTR), the largest publicly traded holder of bitcoin BTC$77,703.13, said Thursday on X that the crypto winter is over as bitcoin held above $78,000, a price level first reached early on April 22, according to CoinDesk data.

In a Game of Thrones-style image, dressed in a fur coat, a garment not particularly suited for when the winter is over, and mounted on a horse, Saylor, whose firm recently added 13,927 bitcoin, bringing its treasury’s total BTC holdings to 780,897, said “Winter’s over”, a statement not all crypto analysts agree with.

“Even if the winter is over for bitcoin, which I don’t agree with, it is still very cold for altcoins,” said Jason Fernandes, a market analyst and AdLunam co-founder.

For Mati Greenspan, a former senior market analyst at eToro and founder of Quantum Economics, what bitcoin and the broader crypto market have experienced since the Oct. 10 “flash crash”, which triggered roughly $19 billion in forced liquidations within 24 hours, does not even qualify as a crypto winter.

“I’m not sure I would classify what we just saw as a crypto winter exactly,” Greenspan said, it was “more of a large pullback within a broader bull market.”

Greenspan agrees, however, with what Saylor appears to be suggesting: Bitcoin has reached its bottom and is likely to head higher from here. “Yes, I think it is very likely that we have seen the bottom,” he said.

Greenspan and other experts say that Saylor’s comments, along with his firm’s ongoing bitcoin purchases, suggest a transition into a more permanent institutional bitcoin era. A new cycle characterized by market dominance of corporate bitcoin treasuries and a shift in institutional sentiment.

Nation-state adoption

Even so, institutional adoption is just one piece of the puzzle.

“Yes, increased institutional adoption will kick off this next leg, but what Saylor is missing is the nation-state adoption, which is undoubtedly right around the corner,” Greenspan said.

The crypto founder and market analyst said that, to date, the crypto industry has experienced three distinct adoption cycles.

The first, he said, was driven by early adopters in 2013. And then came the “mass retail awakening of 2017,” and, now, institutional adoption in 2021.

“The fourth and final major driver is nation-state adoption, which I believe will happen very soon, especially with the U.S. abruptly flipping course during U.S. President Donald Trump’s second term,” Greenspan said.

“Imagine central banks adding bitcoin to their balance sheets to maintain price stability, similar to how they’ve added gold in the past,” he added.

To Greenspan’s point, nation-state adoption is already moving beyond theory and onto government balance sheets. Under Trump, for example, the U.S. plans for a strategic bitcoin reserve, though it is neither formalized nor operational; the government already holds roughly 300,000 BTC. El Salvador continues its daily purchase program toward a 7,500 BTC treasury, while China and the U.K. hold roughly 190,000 BTC and 61,000 BTC, respectively. Activity is also emerging at the sub-sovereign level, with entities such as Wisconsin and New Jersey introducing bitcoin exposure within public pension allocations.

Key Takeaways

• Wedbush initiated Oracle with an Outperform rating Friday, sending shares up 2% in premarket activity
• The firm’s $225 price target contrasts with Oracle’s current trading level near $176
• Analyst argues Wall Street misunderstands Oracle’s capital expenditure as primarily contract-backed AI spending
• The company’s multi-cloud database business exploded 531% annually in its third fiscal quarter of 2026
• Analyst consensus stands at Strong Buy with a $244.89 average price objective

Shares of Oracle experienced a 2% lift in Friday’s pre-market session following Wedbush analyst Daniel Ives’ initiation of coverage with an Outperform designation and $225 price objective.

Oracle Corporation, ORCL

Ives has established himself as a closely-watched voice in technology sector analysis, and his positioning on Oracle is generating renewed investor interest in a name that’s declined 37.4% across the last half-year.

Oracle is currently changing hands around $176.28. The Wedbush projection suggests approximately 28% appreciation potential from present levels. Wall Street’s collective view skews even more optimistic, with the consensus target landing at $244.89.

The fundamental thesis behind Wedbush’s stance is straightforward: investors are misjudging Oracle’s true position.

According to Ives, while Oracle’s aggressive infrastructure investments appear risky at first glance, the substantial majority connects directly to secured AI agreements — indicating demand-backed deployment rather than speculative buildout.

OCI Emerges as Strategic Differentiator

Central to the optimistic outlook is Oracle Cloud Infrastructure, commonly known as OCI. Wedbush highlights that OCI’s streamlined network architecture provides meaningful advantages for artificial intelligence applications, enabling superior speed and reduced latency compared to legacy cloud platforms.

This architectural advantage becomes critically important during large-scale AI model training, where computational efficiency and throughput directly influence both economics and results.

Oracle is simultaneously advancing its “AI for Data” initiative, centered on the Oracle AI Database 26ai offering. The strategy focuses on enabling enterprises to integrate AI capabilities directly with their proprietary data repositories — a pragmatic application that could accelerate widespread enterprise adoption.

Multi-Cloud Strategy Delivers Explosive Results

The multi-cloud performance metrics are particularly striking. Oracle reported 531% year-over-year expansion in multi-cloud database revenue during its fiscal 2026 third quarter.

This remarkable growth stems from Oracle’s strategy of deploying its database solutions within competing cloud environments — including Amazon Web Services and Google Cloud. Instead of competing head-to-head, Oracle is positioning itself as critical infrastructure within rival platforms.

The company recently unveiled an enhanced collaboration with Google Cloud, introducing the Oracle AI Database Agent for Gemini Enterprise. This integration enables users to interact with Oracle databases through conversational language interfaces.

A parallel AWS initiative is also underway, focused on strengthening inter-cloud connectivity capabilities.

These strategic alliances provide context for the extraordinary multi-cloud revenue acceleration. Oracle is establishing itself as essential infrastructure that even competitors rely upon.

Wedbush’s perspective positions Oracle as evolving beyond its legacy database company identity toward becoming a fundamental component of AI infrastructure. Ives contends the current stock valuation hasn’t caught up with this transformation.

Across the trailing twelve-month period, Oracle produced $64.1 billion in revenue, representing 14.9% growth. The enterprise currently maintains a market capitalization approaching $507 billion.

The broader analyst community shares this constructive perspective. Oracle carries a Strong Buy consensus rating, derived from 27 Buy recommendations and six Hold ratings issued during the most recent three-month period.

The $244.89 average analyst price target indicates potential appreciation of approximately 39% from current trading levels.

Wisconsin has escalated its challenge against prediction market platforms, widening a legal fight already taking shape across several U.S. states over how these products should be classified.

Fresh complaints filed in Dane County name Crypto.com and its derivatives arm, Polymarket, and Kalshi, alongside distribution partners Robinhood and Coinbase. Prosecutors argue the platforms enable event-based wagering for residents, including contracts tied to sports outcomes.

At the core of the filings sits a simple claim. Users pay to take positions on real-world events and receive fixed payouts if correct. 

Wisconsin says that the structure fits its legal definition of a bet. Contracts linked to NCAA tournament games are cited as one example, where positions trade at probability-based prices and settle at $1 or $0 depending on the result.

Marketing language has been pulled into the case as supporting evidence. Kalshi’s promotional material described it as “The First Nationwide Legal Sports Betting Platform,” while Polymarket has referred to itself as a place where users can bet on future events. 

Attorney General Josh Kaul addressed that framing directly, stating, “Thinly disguising unlawful conduct doesn’t make it lawful.”

Meanwhile, these platforms collect transaction fees on each contract, a structure prosecutors compare to a casino taking a cut from wagers placed on its floor.

Federal and state fight over control deepens

Wisconsin’s move follows a similar path taken earlier by New York. As previously reported by crypto.news, New York Attorney General Letitia James filed lawsuits against Coinbase Financial Markets and Gemini Titan, accusing both of operating unlicensed prediction markets. 

Her office argued that event-based contracts tied to sports and elections were offered without approval from the New York State Gaming Commission and were accessible to users below the legal betting age of 21.

“Gambling by another name is still gambling, and it is not exempt from regulation under our state laws and Constitution,” James added. 

Court filings in that case sought at least $2.2B from Coinbase and $1.2B from Gemini, increasing financial pressure alongside regulatory scrutiny.

Industry participants continue to push back by pointing to federal oversight. Coinbase has argued that such disputes belong in federal court. 

Platforms operating through Kalshi maintain that event contracts qualify as swaps under the jurisdiction of the Commodity Futures Trading Commission, not state gambling regulators.

A recent ruling from the United States Court of Appeals for the Third Circuit sided with Kalshi, treating the regulator’s decision not to block the contracts as effectively settling the question of jurisdiction.

Even so, states continue to press their own interpretations. Authorities in Nevada have described similar contracts as indistinguishable from gambling, while New York has maintained that each contract represents a bet.

With multiple states building cases on similar grounds, the dispute is moving toward a broader constitutional question. A final determination from the Supreme Court of the United States could decide whether prediction markets fall under a single federal framework or remain subject to state gambling laws.

Key takeaways

• ADA is trading below key resistance zones, signaling a bearish near-term bias and limiting recovery attempts.
• Whales are reducing their exposure to ADA, which could lead to further price decline. 

Cardano (ADA) continues to trade under pressure, hovering below $0.250 on Friday as price action remains subdued beneath key resistance zones. 

On-chain data from Santiment indicates that certain whale wallets have begun reducing their holdings, adding to selling pressure.

Whales reduce exposure amid shifting accumulation trends

Santiment’s Supply Distribution data points to a weakening outlook for Cardano as large-wallet investors adjust their positions. Whales holding between 100,000 and 1 million ADA and 1 million–10 million ADA have collectively offloaded around 80 million tokens since April 19.

Furthermore, wallets in the 10 million–100 million ADA range have accumulated approximately 60 million ADA over the same period. 

This divergence suggests a rotation in holdings: mid-sized whales are selling, while larger entities are absorbing supply. Such behavior often reflects distribution at elevated levels, increasing short-term downside risk.

Cardano’s derivatives data present a mixed outlook with a slight bearish tilt. CoinGlass data shows open interest falling to $444 million on Friday, down from $490 million on April 18. This indicates declining trader participation and weakening speculative demand.

Additionally, ADA’s long-to-short ratio stands at 0.80, its lowest level in over a month. A ratio below 1 indicates bearish positioning, with more traders expecting price declines.

Despite that, the funding rate paints a bullish narrative. The OI-weighted funding rate turned positive on Thursday and currently sits at 0.0076%, suggesting that long positions are paying shorts—often interpreted as a mild bullish signal.

Cardano price outlook: bears continue to halt recovery

The ADA/USD 4-hour chart is bearish and efficient as Cardano remains technically weak, trading below $0.250. 

The coin is facing immediate resistance at the 50-day EMA of $0.258, followed by $0.269 (23.6% Fibonacci retracement) and the 100-day EMA at $0.294.

Momentum indicators remain neutral. The Relative Strength Index (RSI) sits at 51, while the MACD is flat just above zero, indicating a lack of strong directional conviction.

If the bearish trend persists, immediate support is found at $0.245. A breakdown below this level could expose ADA to further losses toward $0.220, a key prior-cycle support zone.

However, if the bulls regain control and close above the $0.258 resistance, it would be the first sign of recovery strength, potentially opening the path toward $0.269 and higher resistance levels near $0.294 and $0.299. 

An extended bullish reversal would require a move above $0.323 and eventually toward the 200-day EMA near $0.383.