Jump Crypto has moved hundreds of millions in cryptocurrencies to exchanges. This action includes over 120,000 staked-Ether tokens, valued at approximately $314.8 million, which began shifting on July 24, shortly after the launch of spot Ether ETFs in the US.
Blockchain data reveals that a significant portion of these funds was unstaked from Ethereum's redeem address "0x986…608c6" and subsequently transferred to various exchange deposit addresses. Notable platforms include Binance, OKX, Coinbase, ByBit, and Gate.io. An estimated $410 million in Ether has been unstaked, with $191 million already moved to exchanges. Despite these movements, Jump Crypto retains at least $125.8 million in staked assets, including $116.1 million in wrapped-Lido Staked Ether.
Jump transferring portions of its staked Ether to its Ethereum redeem address. Source: Arkham Intelligence
The timing of these transactions coincides with a market downturn, with 15% of the total crypto market cap declining over the past week. This has led to widespread speculation about Jump Crypto's intentions, with industry insiders debating whether the firm plans to liquidate a significant portion of its holdings.
Reactions have been mixed, with some commentators criticising Jump Crypto's decision to move assets over the weekend. A blockchain analyst, "Wazz," expressed frustration, suggesting that the timing was a deliberate attempt to impact the market. Adam Cochran, a partner at Cinneamhain Ventures, also critiqued the firm's operations, highlighting ongoing challenges within their crypto division.
These events follow closely on the heels of Kanav Kariya's resignation as President of Jump Crypto. His departure came amid reports of an investigation by the Commodity Futures Trading Commission.
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