Report: Jump Trading Cuts Ties With Wormhole Amid Staff Reductions

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Based on a recent report, Jump Trading Group, known for its focus on algorithmic and high-frequency trading techniques, has reportedly severed ties with the Wormhole crypto initiative, known for its cross-chain communication services. Last year saw Wormhole suffer a significant loss of 120,000 ethereum due to a major security incident.

Wormhole and Jump Trading ‘Part Ways’

Recent developments indicate that Jump Trading and Wormhole have “parted ways,” as per a Bloomberg article 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.

Confidential informants, preferring anonymity, have disclosed that following this division, Jump’s workforce has been reduced to about 75 staffers, which is nearly half of what it was at its peak in 2022. In February 2022, Wormhole suffered a major breach and lost 120,000 ether from the exploit.

Following the incident, Jump stepped in and replaced the $320 million worth of ether that was stolen. “All funds have been restored and Wormhole is back up,” the team said at the time. “We’re deeply grateful for your support and thank you for your patience. The team is working on a detailed incident report and will share it ASAP.”

Based on data from dappradar.com, Wormhole has processed transactions totaling $230.48 million over a 30-day period, spanning seven distinct blockchains. Although unnamed informants have disclosed the information, Jump has yet to make a public statement on the issue.

What do you think about Jump and Wormhole parting ways? Share your thoughts and opinions about this subject in the comments section below.