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Jump Crypto President Steps Down Amid CFTC Investigation and Troubled History

Jun 24, 2024

Jump Crypto President Steps Down Amid CFTC Investigation and Troubled History
Jump Crypto President Steps Down Amid CFTC Investigation and Troubled History
Jump Crypto President Steps Down Amid CFTC Investigation and Troubled History

Kanav Kariya has announced his resignation as president of Jump Crypto amid reports of a pending investigation by the Commodity Futures Trading Commission (CFTC). The investigation concerns various incidents involving Jump Crypto dating back to 2022, including the exploitation of the Wormhole bridge leading to the fraudulent minting and redemption of wrapped Ethereum tokens. In response to the incident, Jump Crypto deposited Ether tokens equivalent to the losses incurred. Subsequently, the firm faced legal challenges related to its involvement with the collapsed Terra ecosystem, with allegations of market manipulation and profiting from discounted LUNA tokens. The CFTC investigation's scope remains undisclosed, pending further developments.