Wormhole execs depart Jump Trading to run protocol independently: Bloomberg

A report from Bloomberg claims that Wormhole’s CEO and COO have left to run Wormhole independently


Yurkoman/Shutterstock modified by Blockworks


Jump Trading spun off cross-chain protocol Wormhole as an independent entity, according to a report from Bloomberg. 

The report stated that senior staffers at Wormhole left Jump as part of the split, including CEO Saeed Badreg and COO Anthony Ramirez. 

Jump Trading did not immediately return a request for comment.

Wormhole, back in 2022, was hacked for roughly $320 million in one of the largest DeFi hacks to date. A whopping 120,000 ETH was stolen at the time. Jump Crypto, the crypto arm of Jump Trading, stepped in to replace the funds

Earlier this year, in February, Blockworks Research was able to track transactions that showed Jump Crypto recovering the funds stolen by the Wormhole attack. 

Read more: Jump Crypto just counter-exploited the Wormhole hacker for $140M

In a statement to Blockworks at the time, Oasis — which helped in recovering the ETH — said that it “received an order from the High Court of England and Wales to take all necessary steps that would result in the retrieval of certain assets involved with the wallet address associated with the Wormhole Exploit on the 2nd February 2022.”

Jump acquired Certus One back in 2021, leading them to also acquire the Wormhole bridge. 

Outside of Wormhole, Jump Crypto has faced scrutiny for alleged backdoor deals, with Jump Crypto president Kanav Kariya pleading the fifth during a deposition by the Securities and Exchange Commission in its lawsuit against Terraform Labs and its former CEO Do Kwon.

Parts of the deposition were unsealed, showing that Kariya invoked his right to not incriminate himself roughly eight times in the public parts of the deposition.

A class-action lawsuit filed in May alleged that Jump earned around $1.3 billion from manipulating Terra. The claims, however, have not been proven.

The SEC’s original complaint cited an unnamed US trading firm to manipulate UST’s price, which the class-action suit speculated is Jump Trading.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Screenshot 2024-05-23 091855.png


Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.



As part of the #Breakout2024 plans, Radix has introduced Token Trek


House members ask Gensler to keep a “consistent and equitable approach” with ether ETF proposals after the agency approved spot bitcoin ETFs in January


Using old-world instruments to address crypto user experience challenges goes against what this industry set out to do


And, weeks of a potential crypto ETF decision are no stranger to chaos


The FIT21 Act marks the second crypto-focused piece of legislation to advance in Congress this month


More than half of Solana transactions fail