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