Citadel Securities was accused by Terraform Labs led by Do Kwon for intentionally causing the depegging of its stablecoin, TerraUSD Classic in May 2022. Terraform filed a case against Citadel Securities in Florida court to compel producing documents related to trading actions. In 2022 Citadel Securities denied USD trading. In a lawsuit by the SEC these documents are crucial for Terraform’s defence as these documents allege involvement in a multi-billion-dollar crypto asset securities fraud. Terraform seeks a transfer to a New York court for a decision if denied.