Jump Trading Group Severs Ties With Wormhole after $320M Injection

Coin Edition
Coin Edition

19 Nov 2023 6:53 AM

Jump Trading Group has severed ties with the Wormhole project, a business in which it invested $320 million after a hack in 2022....

  • Jump Trading Group has separated from the Wormhole project, marking a downsizing of its crypto operations.
  • The separation comes after Jump injected $320 million into Wormhole following a hack in 2022.
  • Key figures within Wormhole, including CEO Saeed Badreg and COO Anthony Ramirez, have departed from Jump Trading Group to lead Wormhole independently.
  • The move resulted in an undisclosed number of departures from Jump Trading Group.
  • Jump Crypto's workforce has reportedly decreased by approximately half since 2022.
  • Jump's reduced involvement in the crypto space coincides with persistently low trading volumes.
  • Jump is closely monitoring the SEC's decision on Bitcoin exchange-traded funds (ETFs) and could reinvigorate its crypto business if approved.

The sentiment of the article is mostly neutral, with a focus on the strategic separation of Jump Trading Group from the Wormhole project and the downsizing of its crypto operations.

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You May Ask

Why did Jump Trading Group separate from the Wormhole project?How much money did Jump inject into Wormhole after the hack in 2022?Who are the key figures that have departed from Jump Trading Group to lead Wormhole independently?What is the current workforce size of Jump Crypto compared to its peak in 2022?What is Jump Trading Group monitoring in relation to the crypto market?

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