Bitcoin
The CFTC is investigating Jump Crypto
The Commodity Futures Trading Commission is investigating Chicago-based trading firm Jump’s involvement in crypto, including investigations into its trading and investment activities, according to a person familiar with the matter.
The investigation, which is not evidence of wrongdoing, comes after three turbulent years for Jump. The company is known for its expertise in algorithmic trading and, more recently, as one of the most active market makers and investors in the crypto industry before being implicated in a series of hacks and meltdowns. Jump has since scaled back its crypto efforts, including spinning two of his high-profile projects and deactivating of the Bitcoin ETF spot race.
Representatives for the CFTC and Jump declined to comment.
Business problems
Jump has been known for years as a major player in the secretive world of high-frequency trading. In September 2021, it hit the headlines with the public announcement from its crypto division, Jump Crypto, although the company had been quietly active in the space for several years. Jump named Kanav Kariya, a former intern in his early twenties, as president of the team, catapulting him into one of the industry’s most high-profile roles.
Jump played a key role in the nascent sector, acting as a major market maker on exchanges, often working with crypto projects to provide liquidity for their newly launched tokens. The company also became one of the leading venture capitalists in the sector, as well as creating an incubation and engineering arm that helped develop leading projects including Worm holePyth and Firedancer.
However, cracks soon began to appear in Jump’s prodigious operation, including the $325 million Wormhole hack, a decentralized finance platform designed as a bridge between different blockchains. Jump quickly plugged the hole, illustrating the depth of his swing. Following the collapse of FTX in late 2021, it was soon revealed that Jump served as one of the main market makers on the exchange, losing almost US$300 million, according to the book Going Infinite, by Michael Lewis.
Jump again became embroiled in controversy during the February 2023 SEC meeting lawsuit against Terraform Labs and its founder Do Kwon, who created the failed TerraUSD stablecoin. In its complaint, the SEC alleged that a U.S. trading company had secretly propped up Earth Parity in a near-collapse in 2021. News Reports — and Subsequent filings–revealed the company as Jump. The SEC accused Terraform and Kwon of fraud after they publicly claimed that indexing had been restored naturally, but did not bring charges against Jump. After a trial this spring that included testimony from a former Jump employee who served as Whistleblower for the SEC, a jury side with the agency in April.
In March 2023, the Department of Justice filed a criminal case against Kwon. Like the SEC’s previous lawsuit, the complaint named Jump as a “proprietary U.S.-based commercial company” that helped maintain Earth’s stability, but once again, it did not allege any wrongdoing or bring any charges against the company. . An attorney for Kwon did not respond to a request for comment.
The CFTC’s investigation into Jump’s crypto business mirrors the latest investigation by a federal agency, although it was not known whether the agency is considering any charges against the company. Unlike the SEC, which oversees securities, much of Jump’s activity in the derivatives space, from crypto products to traditional commodities, falls under the jurisdiction of the CFTC. Speaking at the Milken Conference in May, CFTC Chairman Rostin Behnam he said that cryptocurrency companies can expect to see “another cycle of enforcement actions.”
Regulatory agencies routinely engage in fact-finding around companies that fall under their jurisdiction. In March, Fortune reported that the SEC has sent subpoenas to crypto companies regarding their dealings with the Ethereum Foundation, although no charges have been filed yet.
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‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
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Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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