Jump Trading

Basics

• Got in the news (26-2-2023) when Oasis, the front end of MakerDAO, used its admin keys and "not only back doored the hackers wallets but they snatched a few million dollars more than what was actually stolen".

Projects

Certus One

• Certus One got acquired by Jump Trading (5-8-2021). Certus One is behind Wormhole. Which got bailed out by Jump Crypto with 120k wETH after it got exploited (3-2-2022).

Jump Crypto

• Jump Crypto is pulling back from the US market due to regulatory reasons (9-5-2023).

KYC Subnet

• From a commissioned Messari report (15-7-2022):

"The single most salient development here came with Ava Labs’ announcement that it will collaborate with Aave, GoldenTree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize to build a permissioned subnet with native KYC functionality.

Solana Client

• Jump Crypto announced (17-8-2022) it will build a new, open-source validator client for Solana, independent from the one built by Solana Labs. This ambitious plan is called Firedancer and is set to take up to 24 months to complete. The new validator will be built using the C++ programming language and will be overseen by Kevin Bowers, Jump Trading’s Chief Science Officer. This is in contrast to the original Solana client that’s written in Rust.
• Announced (21-9-2024) that Frankendancer is live on mainnet, and Firedancer on testnet, with 1% of stake. Firedancer is also running on mainnet already for 2 months, but non staking, non voting.

Wormhole

Jump Trading and Wormhole have “parted ways,” as per a Bloomberg article (19-11-2023) quoting “people with knowledge of the matter.” The account further reveals that former Jump executives Saeed Badreg and Anthony Ramirez have allegedly departed to manage Wormhole independently.

Investments

• A bug at Arkham caused Jump Trading to dump (27-4-2023).
• According to this thread (16-2-2023):

"Total Balance$3.8bn • $3.25bn $ETH • $328m $SHIB • 81m $MATIC • $50m $USDC • 50m $wBTC • $20m $LINK • $14m $COMP Smaller positions ($1m-$10m) include: $HFT, $AVAX, $SNX, $CHZ, $MASK, $AAVE, $LDO. Note: These are only EVM wallets. I'm sure there are several wallets out there containing a bunch of $SOL and wETH on Solana amongst other things."

• 0x Labs; joined in the Series B (26-4-2022).
• Acala's aUSD Ecosystem Fund; Jump Crypto is one of the founding funds to grow the Acala stablecoin (23-3-2022)
• AltLayer; private round (17-1-2024)
• Aptos; part of their $150 million (26-7-2022) in a Series A funding round (already had a $200M funding round before). Invested in both Aptos as Sui.
• Bastion; part of the $9M Series A raise, announced on the same day as its token got launched (21-4-2022).
• Burrow; on NEAR, it has investors such as Jumpy Crypto, Dragonfly, Parafi, and others.
• Celestia; Jump Crypto participated in their $55M raise (20-10-2022).
• Ethereum; Jump Crypto holds ~1.27% of all circulating $ETH supply in just this one wallet (20-7-2022). The day after they moved it to a new wallet, 1.95Million $ETH, so 1.6% of $ETH supply.
• Injective; led its $40M third raise (10-8-2022).
• Hashflow; Jump Crypto was part of their Series A round (7-2022).
• KuCoin; took part in a $150 million funding round in the exchange (10-5-2022).
• Lava Network; part of the $15M seed raise (15-2-2024).
• Orca; part of the $18M Series A (22-9-2021).
• Ref Finance; according to Messari, they are one of the notable investors (30-1-2023).
• Rift Protocol; mentioned as a backer on the Rift website (21-3-2022).
• Solana; part of a $314M raise with a token sale (9-6-2021).
• Sui; It was one of the lead investors in Sui's $300M Series B (9-9-2022). Invested in both Aptos as Sui.
• Terra; part of the $150M Ecosystem investment fund (16-7-2021). When the UST peg broke on the 9th of May 2022, Jump tried defending it, from a thread (16-5-2022):

"They used at least three addresses on Ethereum and spent $682.5M+ in various stablecoins. Basically, they were adding one-side liquidity in USDC since the Curve DAI/USDC/USDT pool was already imbalanced. Jump spent the minted LP tokens on the withdrawal of UST from the pool. Thus, they removed 593M UST from the pool, which should also positively affect the peg. However, even though there was 1.2B liquidity in the pool, UST's price quickly began to decrease.

Interestingly, Jump practically did not transfer UST to Terra for arbitrage until 10 pm on May 9. Then they transferred 588.6M and started swapping 745.6M UST for LUNA only on May 11. Of course, they did arbitrage before this day, but not on a large scale. At the same time, Jump performed Anchor liquidations and received at least 1.6M bLUNA. On May 12, Jump finished native swaps on Terra turning 640M UST into 221M LUNA. Received coins were delegated to 5 validators. They control 36% of the total staked LUNA."

• Is backing TrueUSD
• Oasis Network; one of the contributors to the $160m Ecosystem Fund (17-11-2021)
• Umee; is mentioned as a backer on the Umee website (14-11-2022).
• Wormhole; part of their $225M raise (29-11-2023).

Team, Partners

• Mentioned as a partner on the BitDAO website (8-3-2022).
• Two of its employees started Monad (2-2024).
• Jump Crypto president Kanav Kariya resigned (6-2024).