Jump Trading Revealed To Be The Firm That Made $1.28 Billion From Terra Ecosystem ByLockridge OkothPRO INVESTOR Updated: 20 February 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Following a case between the U.S. SEC and Terraform labs, crypto firm Jump Trading has been identified as the company that made $1.28 billion from the Terra ecosystem. What: Annonymous persons have identified Chicago-based crypto firm Jump Trading as the unnamed partner that made $1.28 billion from the Terra ecosystem Why: It amassed huge profits selling Luna tokens that had been purchased at discounted rates but only used $62 million to help save Terra’s UST What next: Court’s determination still pending The U.S. Securities and Exchange Commission (SEC) sued Do Kwon and Terraform Labs last week over the TerraUSD (UST) collapse. They charged the Singapore-based firm and its CEO with “orchestrating a multi-billion-dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.” In the complaint, the U.S. regulator mentioned an unnamed trading partner that collected $1.28 million in profits before the stablecoin’s implosion. People close to the matter have since revealed that the unnamed partner was Chicago-based crypto firm Jump Trading. https://t.co/7H56ao8QP3Jump Trading was the firm that made $1.28 billion from the Terra ecosystem, according to sources familiar with the matter. pic.twitter.com/BdRuvBCcsU — Unchained Crypto (@Unchained_pod) February 20, 2023 In the filing, the SEC refers to an unnamed trading company that made an exclusive market-making deal with Terraform Labs. The company, now identified as Jump Crypto, bought heavily discounted LUNA tokens (UST stablecoin’s primary support). From the report, although Jump Trading made $1.28 billion selling off the discounted tokens, it only used $62 million to help maintain the UST price around the $1 mark in May 2021. Jump Trading president Kanav Kariya was a board member of the Luna Foundation Guard, overseeing Terra’s multi-billion-dollar bitcoin (BTC) reserve treasury launched in May 2022 in an unsuccessful attempt at restoring the UST peg. Moreover, the trading firm’s parent company is neck-deep in conventional finance, making it an empire in the digital asset sector. The firm played a crucial role in the Terra ecosystem. Besides frequently presenting governance proposals, it was also heavily invested in the Terra project. Jump Trading participated in the initial creation of a terra cross-chain bridge alongside co-leading a $1 billion fundraiser to set up the Luna Foundation Guard. Read More: Crypto Fund Galois Capital Closes Firm Following the Collapse of FTX Norway Seizes Stolen Crypto Assets Worth $6M In Axie Infinity Hack Bitcoin Price Holds At $24,500 – Is The $25,400 Target Coming This Week? Fight Out (FGHT) - Train to Earn Crypto Rating CertiK audited & CoinSniper KYC Verified Early Stage Presale Live Now Earn Free Crypto & Meet Fitness Goals LBank Labs Project Partnered with Transak, Block Media Staking Rewards & Bonuses Learn More Join Our Telegram channel to stay up to date on breaking news coverage