Jump Crypto Ranks Third in Bitcoin Holdings, Trailing Only Binance and Bitfinex
Zach Anderson Aug 27, 2023 15:30
Jump Trading's Jump Crypto, controlled by Jump Trading, is the third-largest Bitcoin holder, with a total of $30.8 billion. The company has been linked to major crypto events, including the Terra Luna crash and FTX's bankruptcy.
Recent data from Arkham indicates that the third-largest Bitcoin holder's address bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2 is controlled by market maker Jump Trading and is stored on the Robinhood custodial service platform. Over the past three months, this address has accumulated a total of 118,300.2 BTC, equivalent to approximately $30.8 billion USD.
Furthermore, data from BitInfoCharts provides insights into the dominant Bitcoin holding addresses.
One of Binance's cold wallets, with an address of 34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo, holds a substantial 248,597 BTC. Similarly, Bitfinex, with its cold wallet address bc1qgdjqv0av3q56jvd82tkdjpy7gdp9ut8tlqmgrpmv24sq90ecnvqqjwvw97, also possesses an amount of 178,010 BTC. These two addresses represent some of the largest Bitcoin holdings.
Jump Crypto, a prominent yet enigmatic player in the cryptocurrency realm, operates as a key division of the traditional quantitative trading powerhouse, Jump Trading Group. The firm has been linked to significant crypto events, including the Terra Luna crash and the bankruptcy of FTX.
In November 2022, rumors suggested that Jump Crypto might wind down its operations due to potential FTX-related losses. However, on November 17, Jump Crypto swiftly dispelled these rumors via a tweet, highlighting their robust financial standing and asserting their status as one of the most well-capitalized entities in the crypto space. They further emphasized that their dealings with FTX were well within their risk parameters.
Fast forward to March 3, 2023, Jump Crypto showcased its adeptness by addressing the Wormhole Exploit from February 2022. Utilizing their smart contracts, they managed to reclaim approximately $195 million in stolen Ethereum. In partnership with Oasis, they modified the smart contract's logic on the Oasis Network, ensuring the safe return of 120,000 stolen wrapped ETH. While this move underscores Jump Crypto's capabilities, it also sparks concerns about the potential misuse of such strategies in the DeFi sector, posing questions about the industry's trustworthiness.
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