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President of Jump Crypto steps down

President of Jump Crypto steps down


Source: Coin Telegraph

Kanav Kariya announced his resignation amid reports of a pending investigation into Jump Crypto’s activities and several incidents dating back to 2022.

Kanav Kariya, the head of Jump Trading’s digital asset subsidiary, announced he is stepping down from his role as the president of Jump Crypto amid widespread reports of a Commodity Futures Trading Commission (CFTC) investigation. 

In a June 24 social media post, the now-former president of the crypto trading firm wrote that he intends to focus on personal relationships and reading while he searches for his next venture. Kariya also reflected on the last several years at Jump Crypto, which he characterized as “eventful.”

Jump Crypto’s troubles began in February 2022 when hackers exploited the Wormhole bridge and fraudulently minted 120,000 wrapped Ethereum tokens (wETH), which were then redeemed for Ether (ETH) and other tokens on the Solana blockchain. Following the incident, Jump Crypto, which owned the developer behind the Wormhole bridge, assumed responsibility for the damages by depositing an equal number of Ether tokens, valued at $321 million at the time of the hack, into the bridge.

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Author: Vince Quill