jakiro
Author: Climber, Bitchain Vision Realm
On August 5th, the global financial market encountered “Black Monday”, and the encryption market fell “312”.The newly adopted Ethereum ETF did not damage ETH less, but fell to a minimum of US $ 2100 under the influence of the continuous selling effect of the city merchant JUMP CRYPTO.Many communities and analysts have regarded this behavior as one of the reasons for the plunge in the entire encryption market.
In fact, the selling behavior of Jump Crypto has already occurred, and it is almost “cleared.”The data on the chain shows that the value of ETH sold in the past 10 days has exceeded 300 million US dollars. The acts of gathering ETH include the lifting of ETH from the Lido and transferred from other wallets many times.More than 96%.
Regarding JUMP CRYPTO’s selling behavior, there are divergent speculations, and there are suspected liquidation caused by CFTC surveys, and some views believe that the company converts assets to stablecoin in response to economic risks.In view of the tradition of Jump Trading’s high confidentiality system, the author’s more inclined inference after sorting out the past information is that Jump Trading cuts the Jump Crypto department in advance to prevent it from being involved in the Terra case$ 4.47 billionDisputes of sky -high price and gold solution.
JUMP CRYPTO “Clear Warehouse” was sold, and all parties speculated that there were divergent speculation
The earliest abnormal transfer records marked as JUMP Trading’s chain of wallet address occurred on July 17. At that time, the opening address of a 0x401c was transferred to the JUMP Trading address to 9998 ETH, with a value of about 34.4 million US dollars.
After comparing the historical record of its token balance through the comparison of ARKham Intelligence, it was found that the company has been selling Ethereum House, not only last weekend since July 19.
Spot On Chain data also shows that from July 25th to August 5th, it was marked as the Jump Crypto wallet to recharge ETH with a cumulative value of US $ 279 million.
According to public information, Jump Trading has previously implemented a large number of ETH pledge from Lido and switched from other addresses.
On the chain analyst Yu Ember monitored, Jiu TRADING redeemed 83,000 WSTH to 97,500 ETH from July 25 to August 4, and 66,000 ETHs flowed into the exchange.
As of writing, the WSTTH stored address still has 37,600 WSTH.The redeemed ETH address is redeemed into ETH; ETH’s transfer to the exchange address of 20,000 ETH is also entering the exchange in batches.
In addition, it deposits ETH worth nearly $ 300 million in different centralized exchanges, including OKX, Binance, Coinbase, and Gate.io.
At present, Jump Trading accounted for over 96%of the stable coin position, with a total value of 324 million US dollars.The tracking agency data also shows that JUMP Trading continues to cash out for days.Since Jump Trading began to sell ETH on July 24, it has extracted 617.8 million USDCs from Binance and saved 558.2 million USDC into Coinbase.The USDC deposited in Coinbase may be converted into US dollars at a ratio of 1: 1.
There are different speculations about Jump Trading’s selling casual behavior.
CAKE Group CEO of crypto investment companies said that in recent days, the encrypted market has been sold on a lot or because of Jump Trading, either because the traditional market has been added margin, it needs liquidity, or the cryptocurrency business is exited due to regulatory reasons.
Mads Eberhardt, a high -level encryption analyst at Steno Research, believes that Jump Trading has been borrowing a yen to fund its high -frequency trading business, perhaps to have enough liquidity or acquisition of crypto assets due to the surge in the yen against the US dollar.The cost of repayment for loans priced in US dollars has been greatly increased, and their potential mortgage may also be hit. Jump Trading may have received a notice of additional loan margin.
It is worth mentioning that Bitmex Lianchuang Arthur Hayes speaks at this time. He said that he learned through the news channels in the traditional financial field that a “big guy” fell down and sold all encryption assets, and this “everyone everyone”Gang” was guessed by the community to refer to Jiu Ji Crypto.
The Terra case is 4.47 billion US dollars and the gold or the biggest baggage
Jump Trading is a financial company located in Chicago, known for its high -frequency transactions, and later established Jump Crypto to focus on cryptocurrency business.However, in the process of trying to restore the fixed exchange rate of Terrausd (USS), JUMP obtained huge profits through secret transactions, but eventually failed to avoid the collapse of the UST, which caused global investors to lose about 40 billion US dollars.Similarly, this incident also made Jump Trading facing a reputation crisis.
With the push of the Terra case, SEC began to investigate whether the president of Jump Crypto signed a secret agreement with Do Kwon during the UST collapse, that is, Jump Crypto was accused of manipulating the price of stable currency Terrausd to earn 1.28 billion US dollars.Kanav Kariya refused to answer this question.
Although in April and June this year, Jump Crypto has not obtained evidence of illegal behavior under the investigation by the SEC and the American Commodity Futures Commission (CFTC), nor is it accused of any improper behavior.But Kanav Kariya, president of Jump Crypto, quickly announced his resignation and ended his six -year career in Jump Trading.
It is unknown whether Jump Trading and Terraform Labs still have other illegal secrets, but the reporters of Jump Trading have helped the US SEC to file a case on Do Kwon, and recently the Heishan Court has also ruled that Do Kwon will be extradited back to South Korea.
At the end of May this year, Terraform Labs and Do Kwon agreed to reach a settlement on securities fraud cases, and the reconciliation gold was as high as $ 4.47 billion.
Earlier, FTX and CFTC reached a settlement agreement of $ 12.7 billion. The settlement agreement between Binance and CFTC included CZ to pay $ 150 million to CFTC, and Binance would pay $ 2.7 billion to CFTC.But it is clear that the current Terraform Labs and Do Kwon are difficult to pay the fine.
After the reconciliation agreement was reached, Chris Amani, the CEO of TerraForm Labs, announced that the company plans to dissolve its business and ask the community to take care of the business.In addition, the company is considering selling four business.
In view of this, we cannot exclude the possibility of SEC’s possibility of liability for other responsible persons in Terra mines. Terraform Labs and Do Kwon will not reveal more inside information about JUMP CRYPTO in order to reduce the blame, and Jump TradingThere are also cases that report the former first.
In addition, the chairman of CFTC also publicly made a statement in May this year that cryptocurrencies are facing an inevitable wave of law enforcement actions. The “law enforcement cycle” will appear in the next six months to two years.
With the guessing of the previous parties, maybe it is really the “big guy” of Jump Crypto.
On the other hand, Jump Trading’s original business scope is wide and attach great importance to confidentiality.The JUMP CRYPTO encryption department is only one of them. If you lose the car in advance, you can also stop the loss early to avoid greater reputation and capital losses.
According to the Regulations on Chapter 7 of the US Bankruptcy Law, after the company applied for chapter 7 of bankruptcy, the court appointed the bankruptcy manager (Trustee) in the liquidation case.States in the United States allow debtor to retain its necessary property (that is, exempt property).The bankruptcy manager collects the non -exemption property of the debtor, sells it and distributes the income to the creditors.At the end of Chapter 7, the debt that can be exempted or repaid will be erased.
Conclusion
Jump Crypto selected a large number of ETH in the least unreasonable period. Factors such as Ethereum ETF passed, bull market expectations, interest rate cuts, and downward market downlinks all showed that it was not suitable for clearance at this time.Such a large -scale sell -off cash out for a business department that is backed by Jump Trading, the biggest possibility is to encounter a “survival dilemma”.If the arbitrage is obviously not in line with its always publicity investment strategy.
The $ 4.47 billion settlement gold is obviously unrealistic for the Terraform Labs and Do Kwon at this time. Under the help of the elements of all parties, the US regulators such as SEC and CFTC need to find the “second responsible person”.If the follow -up of Jump Crypto is really involved in the follow -up, it is undoubtedly more troublesome for Jump Trading.
