Jump Crypto, one of the largest cryptocurrency firms, is unwinding its crypto operations allegedly following a probe by the Commodity Futures Trading Commission (CFTC) and a case by the Securities and Exchange Commission (SEC). Kanav Kariya, the President of Jump Crypto, has been at the helm during this tumultuous period.
The company, known for holding vast amounts of Ethereum (ETH) and Solana (SOL), has been transferring dozens of millions of dollars worth of cryptocurrencies to exchanges on an illiquid weekend. This relentless movement of coins has been ongoing for at least 22 hours straight, causing significant market volatility.
It is not yet known whether the company is selling SOL, as the tags on the Solana block explorers are lacking.
Julian Hosp, CEO of Cake Group, commented on the situation: “The reason for the crazy crypto sell-off seems to be Jump Trading, who are either getting margin called in the traditional markets and need liquidity over the weekend, or they are exiting the crypto business due to regulatory reasons (Terra Luna related). The sell-off is relentless at the moment.”
As of now, Jump Trading holds $552,510,477.47 worth of crypto assets. These are the crypto assets that Jump Crypto was left with after its recent sale. Their portfolio includes:
- USD Coin (USDC): 388.225 million USDC ($388.22 million)
- Tether (USDT): 126.39 million USDT ($126.39 million)
- Ethereum (ETH): 7.918K ETH ($21.33 million)
- Wrapped Bitcoin (WBTC): 49.391 WBTC ($2.87 million)
- Convex Finance (CVX): 863.818K CVX ($2.19 million)
- Wrapped Ethereum (WETH): 675.858 WETH ($1.82 million)
- Threshold (T): 90.283 million T ($1.68 million)
- Maker (MKR): 523.448 MKR ($1.12 million)
- Synthetix (SNX): 810.439K SNX ($1.09 million)
