Jump Trading Group has officially cut ties with the Wormhole project.
This separation follows Jump’s infusion of around $320 million into Wormhole nearly two years ago, post a significant hack that drained the latter in 2022.
Back then, the Group decided to replace the stolen money so as “to make community members whole and support Wormhole now as it continues to develop.”
Key figures at Wormhole, including CEO Saeed Badreg and COO Anthony Ramirez, have now transitioned from Jump Trading Group to guide Wormhole independently.
Wormhole, once under Jump Crypto, the digital-asset unit of Jump Trading, has emerged as an autonomous entity amid its parent firm’s downsizing in the unpredictable crypto landscape.
Despite these challenges, it appears that the Wormhole Foundation is continuing its recruitment drive.
An online platform that allows the transfer of information across crypto networks, the newly independent protocol now encompasses Wormhole Labs and the Wormhole Foundation.
Post-split, Jump Crypto’s workforce reportedly shrank by about half from its 2022 peak of approximately 150.
Jump’s scaled-back presence in the crypto domain aligns with consistently low trading volumes throughout the year, despite notable price upswings, including Bitcoin’s.
Amid signs of a crypto market recovery, Jump is speculated to be eyeing a potential approval for Bitcoin exchange-traded funds (ETFs) by U.S. regulators.
There could possibly be a revival of Jump’s crypto ventures if its Bitcoin spot ETF gains approval.