{"id":87221,"date":"2023-11-18T12:50:54","date_gmt":"2023-11-18T10:50:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87221"},"modified":"2025-09-13T10:24:17","modified_gmt":"2025-09-13T07:24:17","slug":"bloomberg-jump-trading-drops-support-for-wormhole","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bloomberg-jump-trading-drops-support-for-wormhole\/","title":{"rendered":"Bloomberg: Jump Trading drops support for Wormhole"},"content":{"rendered":"<p>Jump Trading spun off the cross\u2011chain bridge Wormhole into a standalone business, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-11-17\/jump-spins-off-wormhole-project-shrinking-its-crypto-business#xj4y7vzkg\">Bloomberg<\/a>.<\/p>\n<p>The market maker <a href=\"https:\/\/forklog.com\/en\/news\/media-jump-trading-to-acquire-infrastructure-company-certus-one\">acquired<\/a> the crypto firm Certus One, which built Wormhole, in 2021. The project was part of Jump Crypto.<\/p>\n<p>According to sources, top executives of the cross-chain platform, including CEO Said Badrega and COO Anthony Ramirez, have left to run it as an independent organization.<\/p>\n<p>It is not known how many people left Jump&#8217;s crypto unit due to Wormhole, but Bloomberg sources noted that staff had roughly halved from a peak of 150 employees in 2022.<\/p>\n<p>In early February last year, hackers <a href=\"https:\/\/forklog.com\/en\/news\/hackers-drain-more-than-319-million-from-wormhole-cross-chain-bridge-pool\">drained<\/a> 120,000 WETH from the bridge&#8217;s pool (~$320 million at the time). Within 24 hours Jump Crypto reimbursed the project&#8217;s losses.<\/p>\n<p>In February 2023 the company <a href=\"https:\/\/forklog.com\/en\/news\/oasis-platform-confiscates-assets-tied-to-wormhole-hack\">returned<\/a> the stolen digital assets with the help of the DeFi platform Oasis.<\/p>\n<p>According to Bloomberg, in recent months Jump Trading has been gradually shrinking its presence in the cryptocurrency industry. The firm cited low trading volumes despite market growth.<\/p>\n<p>But the firm is watching for the potential approval by the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> for spot cryptocurrency ETFs and expects to ramp up its digital-asset business again if that occurs. Earlier reports indicated Jump Trading&#8217;s plan to act as a market maker for BlackRock&#8217;s Bitcoin ETF.<\/p>\n<p>In May court documents showed that the company <a href=\"https:\/\/forklog.com\/en\/news\/wsj-jump-trading-earned-1-billion-from-ust-trades\">earned around $1 billion<\/a> under a 2022 agreement with Terraform Labs to back the TerraUSD (UST) peg.<\/p>\n<p>Following <a href=\"https:\/\/forklog.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">the collapse of the Terra ecosystem<\/a>, Jump Crypto employees were questioned as part of <a href=\"https:\/\/forklog.com\/en\/news\/us-doj-opens-probe-into-terrausd-collapse\">the U.S. Department of Justice investigation<\/a>. No charges were brought.<\/p>\n<p>According to journalist Michael Lewis, the market maker <a href=\"https:\/\/forklog.com\/en\/news\/michael-lewis-recounts-jump-tradings-206-million-loss-in-the-ftx-collapse\">lost $206 million<\/a> as a result of <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the FTX bankruptcy<\/a>.<\/p>\n<p>In May, Jump Trading <a href=\"https:\/\/forklog.com\/en\/news\/media-jane-street-and-jump-crypto-to-exit-the-united-states-amid-regulatory-pressure\">announced the cessation<\/a> of cryptocurrency trading in the United States due to regulatory uncertainty.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jump Trading spun off the cross-chain bridge Wormhole into a standalone business, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":87222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1210,1373],"class_list":["post-87221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-cross-chain-protocols","tag-jump-trading"],"aioseo_notices":[],"amp_enabled":true,"views":"373","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87221"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87221\/revisions"}],"predecessor-version":[{"id":87223,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87221\/revisions\/87223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87222"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}