There's an interesting piece of evidence in the lawsuit filed against Jane Street by Terra's debt manager:
The plaintiff (Terra's debt manager) claims that on May 7, 2022, Terraform withdrew 150 million UST from the Curve 3pool. Less than 10 minutes later, an address believed to be associated with Jane Street withdrew 85 million UST. The plaintiff argues that Terraform's withdrawal from the Curve 3pool without public announcement means it wasn't public information, therefore Jane Street's subsequent withdrawal suggests insider trading.
However, both the Curve 3pool's withdrawal and Terraform's withdrawal are public information visible and monitorable on the public blockchain, accessible through open blockchain explorers. By traditional definitions, this is "public information." Stakeholders should monitor this information and react accordingly. How can this be considered insider trading?
This is a topic for later discussion.