Cryptocurrency

Terra

Infinite

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    <p>Michael Lewis’ new book <em>Going Infinite</em> revealed that <a rel="noopener noreferrer nofollow" title="Jump Trading" href="https://thebittimes.com/tag/jump-trading.html">Jump Trading</a> is one of the largest losers in the <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> collapse, apparently giving up almost $300 million. Among the Jump-related entities mentioned is Tai Mo Shan Limited, which used to be one of <a rel="noopener noreferrer nofollow" title="Robinhood" href="https://thebittimes.com/tag/robinhood.html">Robinhood</a>’s largest market makers.</p>
    <p>In the second quarter of 2021, 29% of its total revenue came from transactions with Tai Mo Shan.&nbsp;</p>
    <p>In its role at <a rel="noopener noreferrer nofollow" title="Robinhood" href="https://thebittimes.com/tag/robinhood.html">Robinhood</a>, Tai Mo Shan was one of the market makers responsible for fulfilling user <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a>currency trades. <a rel="noopener noreferrer nofollow" title="Robinhood" href="https://thebittimes.com/tag/robinhood.html">Robinhood</a> would direct user orders to <a rel="noopener noreferrer nofollow" title="Jump Trading" href="https://thebittimes.com/tag/jump-trading.html">Jump Trading</a>, which would then supply the required <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a>currency or money, and Coinbase Custody was responsible for providing custody services to <a rel="noopener noreferrer nofollow" title="Robinhood" href="https://thebittimes.com/tag/robinhood.html">Robinhood</a>.</p>
    <p>Tai Mo Shan, as well as Jump, <strong>was deeply entangled with FTX, losing hundreds of millions of dollars in the collapse of the exchange</strong>.&nbsp;</p>
    <p>The relationship between Jump and Robinhood appears to have ended in 2022.&nbsp;</p>
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       Jump Crypto forced to save Solana with $320M bailout of its own company
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Jump Crypto forced to save Solana with $320M bailout of its own company” — Protos" src="https://protos.com/jump-crypto-forced-to-save-solana-with-320m-bailout-of-its-own-company/embed/#?secret=MqDkIe5Ich#?secret=bg5uWRNmC9" data-secret="bg5uWRNmC9" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: Telegram chats by Jane Street and Jump Crypto staff probed in Terra case</em></p>
    <p>Also in 2022, Jump had to spend hundreds of millions of dollars in order to bail out the Wormhole cryptocurrency bridge, which had been hacked.&nbsp;&nbsp;</p>
    <p>Jump currently faces a lawsuit that alleges that it manipulated the Luna and Terra markets. Documents revealed as part of the Securities and Exchange Commission’s (SEC) lawsuit against Terraform Labs detail how <strong>Tai Mo Shan received a large loan of Luna from Terraform starting in 2019</strong>. As part of the agreement, Jump agreed to “improve liquidity of Terra.”</p>
    <p>The SEC complaint seems to reveal that Jump made approximately $1.28 billion from selling the Luna acquired from Terraform Labs. Currently, the SEC lawsuit does not allege wrongdoing by Jump or its subsidiaries.</p>
    <p>Reportedly, Jump has <strong>reduced its cryptocurrency activities</strong> in light of increased regulatory scrutiny.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/how-jump-helped-us-robinhood-users-trade-offshore-at-ftx-tbt65137.html">https://thebittimes.com/how-jump-helped-us-robinhood-users-trade-offshore-at-ftx-tbt65137.html</a></p>

How Jump helped US Robinhood users trade offshore at FTX

TheBitTimes

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