Cryptocurrency tracking platform Arkham recently published an analysis examining whether Jump Crypto played a role in the recent downturn in the cryptocurrency market.
Over the past week, Jump Trading has actively sold a significant amount of Ethereum (ETH) worth approximately $480 million. This ETH was forcibly taken back from the Wormhole hacker in February 2023.
Jump Trading initially had 120,000 wrapped staked ETH (wstETH) worth $481 million, obtained through a counter-hacking operation in collaboration with the Wormhole team. The Wormhole hacker had previously made it possible to recover these funds by opening positions on Summer.fi.
Two weeks ago Jump Trading transferred all 120,000 wstETH to a new wallet and then moved 83,100 wstETH (worth $314.9 million) to another wallet identified as 0x986.
To date, 86,050 ETH ($273.8 million worth) have been unstake and deposited into various exchanges.
Jump Crypto currently holds 37,600 wstETH (valued at $102.1 million) and 11,500 stETH (valued at $33.5 million) is currently in the process of being unstake from Lido. This means Jump Crypto holds just under 40% of its initial ETH holdings.
*This is not investment advice.
