Audit log

Every state-changing event for Jump Trading: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-06-02 22:47:14Z
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   {"actor":"system:backfill","investigation_id":"43717013-cdf9-4ce2-b641-b43d4f40cf9b","kind":"publish","page_slug":"jump-trading","published_at":"2026-06-02T22:47:14.766Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Jump Trading","sections":[{"content":"Jump Trading LLC is a privately held proprietary trading firm headquartered in Chicago, Illinois. It was founded in 1999 by Paul Gurinas and Bill DiSomma, two former pit traders who met at the Chicago Mercantile Exchange's Deutsche Mark pit. The firm was initially incorporated as Akamai Trading LLC and renamed Jump Trading in 2001, reportedly a reference to the attention its founders attracted on trading floors. Jump trades exclusively on its own proprietary accounts across global futures, options, equities, fixed income, foreign exchange, and cryptocurrency markets. It does not manage external client money. As of 2026, the firm employs approximately 1,600 people across offices in Chicago (headquarters), New York, Austin, London, Singapore, Shanghai, Hong Kong, Amsterdam, Sydney, Paris, Mumbai, Bristol, and GIFT City. The firm is employee-owned and has never accepted outside funding. Jump maintains an exceptionally low public profile relative to its market significance and has historically declined most media inquiries.","heading":"Company Overview","severity":"low","sources":[{"credibility":2,"name":"Jump Trading - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Jump_Trading"},{"credibility":2,"name":"Jump Trading LLC - MarketsWiki","type":"other","url":"https://marketswiki.com/wiki/Jump_Trading_LLC"},{"credibility":2,"name":"Don't Tell Anybody About This Story on HFT Power Jump Trading - Traders Magazine","type":"news_article","url":"https://www.tradersmagazine.com/departments/brokerage/dont-tell-anybody-about-this-story-on-hft-power-jump-trading/"}]},{"content":"Jump Trading formally launched its cryptocurrency division, Jump Crypto, in September 2021 under the leadership of Kanav Kariya, who was appointed president at age 25. Kariya had joined Jump as an intern in 2016 and rose rapidly through its engineering and research ranks. At its peak, Jump Crypto employed over 150 people and was one of the most active institutional participants in the DeFi ecosystem. The division served as a market maker, venture investor, and open-source infrastructure developer. Jump Crypto's infrastructure contributions include co-development of the Wormhole cross-chain bridge, the Pyth Network on-chain oracle (which aggregates first-party market data across more than 100 blockchains), and the Firedancer Solana validator client — a high-performance rewrite of Solana's core validator software in the C programming language, which went live on Solana mainnet in late 2024 and had been adopted by over 26% of validators. Following the 2022 crypto market downturn, regulatory scrutiny, and FTX collapse, Jump substantially reduced its crypto headcount and spun out Wormhole as an independent entity in November 2023 (Wormhole subsequently raised $225 million at a $2.5 billion valuation). In early 2025, Jump announced a resumption of its US crypto trading operations, citing a more favorable regulatory environment under the Trump administration. The crypto unit continued operating under the Jump Crypto and later Jump Digital branding.","heading":"Jump Crypto: Crypto Division History","severity":"low","sources":[{"credibility":1,"name":"Jump Trading Group Launches Jump Crypto - Business Wire","type":"official","url":"https://www.businesswire.com/news/home/20210914005700/en/Jump-Trading-Group-Launches-Jump-Crypto"},{"credibility":2,"name":"Jump Crypto's Firedancer hits Solana mainnet - The Block","type":"news_article","url":"https://www.theblock.co/post/382411/jump-cryptos-firedancer-hits-solana-mainnet-as-the-network-aims-to-unlock-1-million-tps"},{"credibility":1,"name":"Jump Trading Spins Off Wormhole Project - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-11-17/jump-spins-off-wormhole-project-shrinking-its-crypto-business"},{"credibility":2,"name":"Jump Trading scales up US crypto operations - Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/jump-trading-us-expansion/"}]},{"content":"On December 20, 2024, the U.S. Securities and Exchange Commission charged Tai Mo Shan Limited, a wholly-owned subsidiary of Jump Crypto Holdings LLC, with negligently misleading investors about the stability of TerraUSD (UST), an algorithmic stablecoin issued by Terraform Labs. According to the SEC's order, in May 2021 UST temporarily lost its dollar peg; Tai Mo Shan secretly purchased approximately $20 million worth of UST to restore the peg, creating a false impression among market participants that UST's algorithm was self-correcting. The SEC found that Terraform Labs co-founder Do Kwon publicly attributed UST's recovery to its algorithmic mechanism, while the actual cause was Tai Mo Shan's undisclosed intervention. The SEC further charged Tai Mo Shan with acting as an unregistered statutory underwriter with respect to certain offers and sales of LUNA tokens. Without admitting or denying the SEC's findings, Tai Mo Shan agreed to pay $73,452,756 in disgorgement, $12,916,153 in prejudgment interest, and a $36,726,378 civil penalty, for a total of $123,095,287. The settlement was the first SEC enforcement action arising from the Terra ecosystem collapse to be concluded against a market maker counterparty.","heading":"SEC Settlement: Tai Mo Shan / TerraUSD (December 2024)","severity":"critical","sources":[{"credibility":1,"name":"SEC.gov - Tai Mo Shan to Pay $123 Million for Negligently Misleading Investors About Stability of Terra USD","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-212"},{"credibility":1,"name":"Jump Trading's Tai Mo Shan to Pay $123 Million in SEC Settlement - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2024-12-20/jump-trading-s-tai-mo-shan-to-pay-123-million-in-sec-settlement"},{"credibility":2,"name":"SEC fines Jump Trading subsidiary $123 million for propping up TerraUSD stablecoin - The Block","type":"news_article","url":"https://www.theblock.co/post/332096/sec-fines-jump-trading-subsidiary-123-million-for-propping-up-terrausd-stablecoin-during-depeg"},{"credibility":2,"name":"Jump Trading crypto subsidiary hit with $123m fine over TerraUSD scandal - DL News","type":"news_article","url":"https://www.dlnews.com/articles/regulation/jump-trading-crypto-subsidiary-pays-123-million-for-terrausd/"}]},{"content":"On December 19, 2025, Todd Snyder, the court-appointed plan administrator overseeing the wind-down of Terraform Labs, filed a civil lawsuit in the Northern District of Illinois seeking $4 billion in damages from Jump Trading LLC, co-founder William DiSomma, and former Jump Crypto president Kanav Kariya. The complaint alleges that Jump entered into a series of undisclosed agreements with Terraform Labs beginning as early as 2019: Jump allegedly received the option to purchase large volumes of LUNA tokens at below-market prices in exchange for informal commitments to support UST's peg during stress events. The complaint alleges that during the May 2021 depeg event, Jump and Terraform reached a 'gentlemen's agreement' whereby Jump would purchase UST at scale to restore the peg, in exchange for Terraform waiving standard vesting lockup restrictions on LUNA tokens already owed to Jump. The complaint further alleges Jump received approximately 61.4 million LUNA tokens at a greater than 99% discount to prevailing market prices, which it later sold for approximately $1.28 billion in profits. The complaint also alleges Jump received approximately 50,000 bitcoins under undocumented arrangements. Jump Trading responded publicly that the lawsuit was a 'transparent attempt' to deflect from Terraform's own liability and its $4.4 billion SEC fine, arguing that the suit conflates eight affiliated entities, fails to specify jurisdiction of alleged violations, and that several claims appear time-barred. Jump stated it would 'vigorously defend' against the claims. As of mid-2026, the case remained in active litigation in the Northern District of Illinois. The filing names individual defendants DiSomma and Kariya in addition to the corporate entity.","heading":"Terraform Bankruptcy Administrator's $4 Billion Civil Lawsuit (December 2025)","severity":"critical","sources":[{"credibility":1,"name":"Jump Trading Faces $4 Billion Terraform Administrator Suit - Bloomberg","type":"court_filing","url":"https://www.bloomberg.com/news/articles/2025-12-19/terraform-administrator-files-4-billion-lawsuit-against-jump"},{"credibility":2,"name":"Terraform's Bankruptcy Boss Sues Jump Trading for $4B Over Terra Crash - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/12/19/jump-trading-sued-for-usd4-billion-in-connection-to-do-kwon-s-terra-labs-collapse-wsj"},{"credibility":2,"name":"Terraform Labs liquidator sues Jump Trading for $4 billion in damages - The Block","type":"news_article","url":"https://www.theblock.co/post/383263/terraform-labs-sues-jump-trading"},{"credibility":2,"name":"Jump Trading faces $4B lawsuit over Terraform Labs collapse - Protos","type":"news_article","url":"https://protos.com/jump-trading-faces-4b-lawsuit-over-terraform-labs-collapse/"},{"credibility":2,"name":"Jump Trading slams $4bn Terraform lawsuit as attempt to 'pass the buck' - DL News","type":"news_article","url":"https://www.dlnews.com/articles/regulation/jump-trading-slams-4bn-terraform-lawsuit/"}]},{"content":"In June 2024, Fortune and multiple news outlets reported that the Commodity Futures Trading Commission had opened an investigation into Jump Trading Group's cryptocurrency trading and investment activities. Both the CFTC and Jump declined to comment on the reported probe. As of mid-2026, no formal CFTC charges against Jump have been publicly announced, and it is not known whether the investigation is ongoing, closed, or pending resolution. The existence of an investigation does not constitute a finding of wrongdoing. Four days after the CFTC probe was publicly reported, on June 24, 2024, Kanav Kariya announced his resignation as president of Jump Crypto, describing the decision in terms of personal reflection rather than regulatory pressure. The proximity of his departure to the investigation disclosure was noted by industry observers.","heading":"CFTC Investigation (2024)","severity":"high","sources":[{"credibility":2,"name":"The CFTC is probing Jump Crypto - Yahoo Finance / Fortune","type":"news_article","url":"https://finance.yahoo.com/news/cftc-probing-jump-crypto-previously-154527304.html"},{"credibility":2,"name":"Jump Crypto President Kanav Kariya departs firm - The Block","type":"news_article","url":"https://www.theblock.co/post/301564/jump-crypto-president-kanav-kariya-departs-firm"},{"credibility":2,"name":"Jump Crypto President resigns 4 days after reports of CFTC investigation - CryptoSlate","type":"news_article","url":"https://cryptoslate.com/jump-crypto-president-resigns-4-days-after-reports-of-cftc-investigation/"}]},{"content":"On May 9, 2023, a class action complaint was filed against Jump Trading LLC and Kanav Kariya by plaintiff Taewoo Kim, represented by Selendy Gay PLLC and Robbins Geller Rudman and Dowd. The complaint alleged violations of the Commodity Exchange Act and unjust enrichment, claiming Jump participated in coordinated market manipulation of UST and its yield-bearing variant aUST between May 23 and May 27, 2021. The complaint alleged Jump purchased over 62 million UST tokens during that period to artificially restore the peg, receiving LUNA tokens at a steep discount in return, and ultimately generated over $1.28 billion in profits from subsequent LUNA sales. The current status of this class action as of mid-2026 could not be independently confirmed from available sources.","heading":"Class Action Lawsuit: UST Market Manipulation (2023)","severity":"high","sources":[{"credibility":1,"name":"Selendy Gay and Robbins Geller File Class Action Against Jump Trading and Kanav Kariya","type":"court_filing","url":"https://www.selendygay.com/news/general/2023-05-09-selendy-gay-files-class-action-compaint-against-jump-trading"},{"credibility":2,"name":"Jump Earned $1.3B By Manipulating Terra, Lawsuit Alleges - Blockworks","type":"news_article","url":"https://blockworks.com/news/jump-crypto-terra-lawsuit"},{"credibility":1,"name":"Jump Trading made $1.28 billion by secretly propping up Terra - Fortune","type":"news_article","url":"https://fortune.com/crypto/2023/05/15/jump-trading-billion-propping-up-terra-algorithmic-stablecoin-collapsed/"}]},{"content":"In October 2024, blockchain game developer Fracture Labs filed a lawsuit in the Northern District of Illinois alleging that Jump Trading executed a pump-and-dump scheme involving the DIO token on the Huobi (now HTX) exchange in 2021. According to the complaint, Fracture Labs entered into a market-making agreement with Jump under which Jump would borrow DIO tokens and support liquidity for the token's initial listing on Huobi. Fracture Labs alleged that instead, Jump drove the token price from approximately $0.05 to a high of $0.98 and then conducted a mass liquidation of its holdings, crashing the price to approximately $0.005, causing Fracture Labs alleged eight-figure damages. On June 5, 2025, the federal court dismissed the case without prejudice on jurisdictional grounds, finding that a lack of complete diversity among the multinational parties blocked the court's subject-matter jurisdiction. The dismissal was explicitly not on the merits of the underlying allegations. The case could potentially be refiled in state court. Jump Trading did not publicly comment substantively on the merits of the claims.","heading":"Fracture Labs Pump-and-Dump Lawsuit (Dismissed June 2025)","severity":"high","sources":[{"credibility":1,"name":"Jump Trading Dodges 8-Figure Crypto Fraud Lawsuit on Jurisdictional Grounds - Law.com","type":"court_filing","url":"https://www.law.com/nationallawjournal/2025/06/05/jump-trading-dodges-8-figure-crypto-fraud-lawsuit-on-jurisdictional-grounds/"},{"credibility":2,"name":"Jump Trading accused of crypto 'pump and dump' in game developer's lawsuit - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/jump-trading-accused-crypto-pump-and-dump-fracture-labs-lawsuit"},{"credibility":2,"name":"Jump Trading Accused of 'Pump and Dump' in Game Developer's Suit - Claims Journal","type":"news_article","url":"https://www.claimsjournal.com/news/national/2024/10/17/326897.htm"}]},{"content":"On February 2, 2022, the Wormhole cross-chain bridge suffered an exploit on its Solana-Ethereum integration. An attacker exploited a vulnerability to fraudulently mint 120,000 wrapped ETH (wETH) on the Solana side without depositing corresponding ETH, worth approximately $320 million at the time — the second-largest DeFi exploit to that date. Within approximately 24 hours, Jump Crypto, which had been involved in Wormhole's development, deposited 120,000 ETH to make all affected users whole, absorbing the loss from its own balance sheet. Jump's stated motivation was to 'make community members whole and support Wormhole now as it continues to develop.' In February 2023, in a notable counter-operation, Jump Crypto and the Oasis protocol collaborated to use an upgradable Oasis contract mechanism to recover approximately $140 million net of associated costs from the original hacker's wallets. This recovery was controversial due to the governance implications of using an upgradable smart contract to reverse a theft.","heading":"Wormhole Bridge Hack and Rescue (February 2022)","severity":"medium","sources":[{"credibility":2,"name":"Jump Trading Backstops Wormhole's $320M Exploit Loss - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/02/03/jump-trading-backstops-wormholes-320m-exploit-loss-sources"},{"credibility":1,"name":"$320 million crypto hack is no big deal for Jump Trading - Fortune","type":"news_article","url":"https://fortune.com/2022/02/04/320-million-crypto-hack-blockchain-ether-jump-trading-wormhole-refund-customer-losses/"},{"credibility":2,"name":"Jump Crypto collaborates with Oasis to recover 120,000 ETH stolen from Wormhole - ChainCatcher","type":"news_article","url":"https://www.chaincatcher.com/en/article/2088229"}]},{"content":"Jump Trading was among the largest known creditors of FTX at the time of its November 2022 collapse. According to Michael Lewis's book 'Going Infinite' (published October 2023), Jump Trading lost nearly $300 million in the FTX collapse, with the firm losing approximately $206 million and its subsidiary Tai Mo Shan Ltd. losing more than $75 million. Tai Mo Shan was also one of Robinhood's largest cryptocurrency market makers during this period, routing Robinhood user orders for cryptocurrency execution. Jump publicly stated it 'remained well capitalized' following the FTX collapse and denied rumors of any intent to wind down operations. Separately, Jump's subsidiary Tai Mo Shan filed a $264 million claim against the FTX bankruptcy estate in 2024, asserting the estate owed damages over an unfulfilled Serum (SRM) token loan agreement with Alameda Research. The FTX estate disputed the claim as based on an unsupportable damages model. That dispute remained unresolved as of available reporting.","heading":"FTX Collapse Exposure and Claims","severity":"medium","sources":[{"credibility":2,"name":"Jump Trading Lost Almost $300M in FTX's Collapse, Michael Lewis Says - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/10/03/jump-trading-lost-almost-300m-in-ftxs-collapse-michael-lewis-says-in-going-infinite"},{"credibility":2,"name":"Jump Crypto says it remains 'well capitalized' following FTX downfall - The Block","type":"news_article","url":"https://www.theblock.co/post/186403/jump-crypto-says-it-remains-well-capitalized-following-ftx-downfall"},{"credibility":2,"name":"FTX lawyers counter Jump Trading's $264 million damages claims - The Block","type":"news_article","url":"https://www.theblock.co/post/304722/ftx-lawyers-counter-jump-tradings-264-million-damages-claims"}]},{"content":"Jump Trading has faced several earlier regulatory matters. In April 2014, the New York Attorney General subpoenaed Jump Trading along with five other high-frequency trading firms as part of a broad investigation into special exchange arrangements and trading strategies of HFT firms. No enforcement action against Jump arising from that investigation was publicly announced. In May 2018, NYSE Chicago (formerly Chicago Stock Exchange) fined Jump Trading LLC $250,000 for a temporary net capital deficiency caused by an erroneous algorithmic software fix that resulted in significant unintended short positions for a period of several hours.","heading":"Earlier Regulatory and Exchange Actions","severity":"low","sources":[{"credibility":2,"name":"NY Attorney General subpoenas six High-Frequency Trading firms - CNN Money","type":"news_article","url":"https://money.cnn.com/2014/04/16/investing/high-speed-subpoenas/index.html"},{"credibility":1,"name":"Trading Firm Sanctioned by NYSE Chicago for Algorithmic Malfunction - Lexology","type":"regulatory","url":"https://www.lexology.com/library/detail.aspx?g=7d1d9c35-6124-4a22-b51b-2c3640a0a982"}]},{"content":"As of early 2026, Jump Trading has resumed active cryptocurrency operations after a period of reduced US-facing activity. The firm held approximately $677 million in on-chain token assets as of estimates from early 2025, with approximately 47% concentrated in Solana (SOL) tokens. On-chain analytics platform Arkham has publicly identified and labeled Jump Trading wallets, enabling monitoring of fund flows; in October 2025, Arkham noted Jump received $42.8 million of DoubleZero ($2Z) tokens and subsequently deposited approximately $20.9 million to Binance and Bybit. In December 2025, Arkham data showed a transfer of approximately $6 million in USD1 (World Liberty Financial stablecoin) from Jump Crypto to BitGo. Jump has continued its Firedancer development and maintains venture investment activity; its latest disclosed investment as of June 2026 was in Pumpcade (May 2026). The firm has stated publicly that it views the current regulatory environment — following shifts under the Trump administration in 2025 — as favorable for re-engagement with US crypto markets.","heading":"Current Status and On-Chain Activity (2025–2026)","severity":"medium","sources":[{"credibility":2,"name":"Jump Trading | Arkham Intel","type":"on_chain","url":"https://intel.arkm.com/explorer/entity/jump-trading"},{"credibility":2,"name":"Haunted by its dark history, Jump's full resumption of crypto business - PANews","type":"news_article","url":"https://www.panewslab.com/en/articles/f3dgcr6c"},{"credibility":2,"name":"Jump Trading scales up US crypto operations, accelerates hiring - Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/jump-trading-us-expansion/"}]}],"sources_used":[{"credibility":1,"name":"SEC.gov - Tai Mo Shan to Pay $123 Million (Press Release 2024-212)","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-212"},{"credibility":2,"name":"Jump Trading - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Jump_Trading"},{"credibility":2,"name":"Terraform's Bankruptcy Boss Sues Jump Trading for $4B - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/12/19/jump-trading-sued-for-usd4-billion-in-connection-to-do-kwon-s-terra-labs-collapse-wsj"},{"credibility":1,"name":"Jump Trading Faces $4 Billion Terraform Administrator Suit - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2025-12-19/terraform-administrator-files-4-billion-lawsuit-against-jump"},{"credibility":2,"name":"Terraform Labs liquidator sues Jump Trading for $4 billion - The Block","type":"news_article","url":"https://www.theblock.co/post/383263/terraform-labs-sues-jump-trading"},{"credibility":2,"name":"Jump Trading slams $4bn Terraform lawsuit - DL News","type":"news_article","url":"https://www.dlnews.com/articles/regulation/jump-trading-slams-4bn-terraform-lawsuit/"},{"credibility":1,"name":"Jump Trading's Tai Mo Shan to Pay $123 Million in SEC Settlement - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2024-12-20/jump-trading-s-tai-mo-shan-to-pay-123-million-in-sec-settlement"},{"credibility":2,"name":"Jump Trading crypto subsidiary hit with $123m fine over TerraUSD scandal - DL News","type":"news_article","url":"https://www.dlnews.com/articles/regulation/jump-trading-crypto-subsidiary-pays-123-million-for-terrausd/"},{"credibility":2,"name":"SEC fines Jump Trading subsidiary $123 million for propping up TerraUSD - The Block","type":"news_article","url":"https://www.theblock.co/post/332096/sec-fines-jump-trading-subsidiary-123-million-for-propping-up-terrausd-stablecoin-during-depeg"},{"credibility":2,"name":"The CFTC is probing Jump Crypto - Yahoo Finance / Fortune","type":"news_article","url":"https://finance.yahoo.com/news/cftc-probing-jump-crypto-previously-154527304.html"},{"credibility":2,"name":"Jump Crypto President Kanav Kariya departs firm - The Block","type":"news_article","url":"https://www.theblock.co/post/301564/jump-crypto-president-kanav-kariya-departs-firm"},{"credibility":2,"name":"Jump Crypto President resigns 4 days after CFTC investigation reports - CryptoSlate","type":"news_article","url":"https://cryptoslate.com/jump-crypto-president-resigns-4-days-after-reports-of-cftc-investigation/"},{"credibility":1,"name":"Selendy Gay Files Class Action Against Jump Trading - Selendy Gay PLLC","type":"court_filing","url":"https://www.selendygay.com/news/general/2023-05-09-selendy-gay-files-class-action-compaint-against-jump-trading"},{"credibility":2,"name":"Jump Earned $1.3B By Manipulating Terra, Lawsuit Alleges - Blockworks","type":"news_article","url":"https://blockworks.com/news/jump-crypto-terra-lawsuit"},{"credibility":1,"name":"Jump Trading made $1.28 billion by secretly propping up Terra - Fortune","type":"news_article","url":"https://fortune.com/crypto/2023/05/15/jump-trading-billion-propping-up-terra-algorithmic-stablecoin-collapsed/"},{"credibility":1,"name":"Jump Trading Dodges 8-Figure Crypto Fraud Lawsuit on Jurisdictional Grounds - Law.com","type":"court_filing","url":"https://www.law.com/nationallawjournal/2025/06/05/jump-trading-dodges-8-figure-crypto-fraud-lawsuit-on-jurisdictional-grounds/"},{"credibility":2,"name":"Jump Trading accused of crypto pump and dump - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/jump-trading-accused-crypto-pump-and-dump-fracture-labs-lawsuit"},{"credibility":2,"name":"Jump Trading Backstops Wormhole's $320M Exploit Loss - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/02/03/jump-trading-backstops-wormholes-320m-exploit-loss-sources"},{"credibility":1,"name":"$320 million crypto hack - Jump Trading refunded losses - Fortune","type":"news_article","url":"https://fortune.com/2022/02/04/320-million-crypto-hack-blockchain-ether-jump-trading-wormhole-refund-customer-losses/"},{"credibility":2,"name":"Jump Trading Lost Almost $300M in FTX's Collapse - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/10/03/jump-trading-lost-almost-300m-in-ftxs-collapse-michael-lewis-says-in-going-infinite"},{"credibility":2,"name":"Jump Crypto says it remains well capitalized following FTX - The Block","type":"news_article","url":"https://www.theblock.co/post/186403/jump-crypto-says-it-remains-well-capitalized-following-ftx-downfall"},{"credibility":2,"name":"FTX lawyers counter Jump Trading's $264 million damages claims - The Block","type":"news_article","url":"https://www.theblock.co/post/304722/ftx-lawyers-counter-jump-tradings-264-million-damages-claims"},{"credibility":1,"name":"Jump Trading Spins Off Wormhole Project - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-11-17/jump-spins-off-wormhole-project-shrinking-its-crypto-business"},{"credibility":2,"name":"Jump Trading's Firedancer hits Solana mainnet - The Block","type":"news_article","url":"https://www.theblock.co/post/382411/jump-cryptos-firedancer-hits-solana-mainnet-as-the-network-aims-to-unlock-1-million-tps"},{"credibility":2,"name":"NY Attorney General subpoenas six HFT firms - CNN Money","type":"news_article","url":"https://money.cnn.com/2014/04/16/investing/high-speed-subpoenas/index.html"},{"credibility":2,"name":"Jump Trading scales up US crypto operations - Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/jump-trading-us-expansion/"},{"credibility":2,"name":"Jump Trading | Arkham Intel","type":"on_chain","url":"https://intel.arkm.com/explorer/entity/jump-trading"},{"credibility":1,"name":"Rise and fall of crypto whiz kid Kanav Kariya - Fortune","type":"news_article","url":"https://fortune.com/2024/07/11/jump-trading-kanav-kariya-crypto-terra-do-kwon-disaster/"}],"summary":"Jump Trading is a Chicago-based proprietary trading firm founded in 1999, operating one of the largest high-frequency trading operations globally across futures, equities, fixed income, FX, and cryptocurrency markets. Its crypto division, Jump Crypto, became a major force in DeFi infrastructure between 2021 and 2023, co-developing Wormhole, Pyth Network, and the Firedancer Solana validator client. The firm has faced significant regulatory and legal exposure: its subsidiary Tai Mo Shan settled with the SEC in December 2024 for $123 million over TerraUSD manipulation, the Terraform bankruptcy administrator filed a $4 billion civil lawsuit in December 2025 naming Jump and individual executives, and a separate CFTC investigation was reported in 2024 with no public resolution as of mid-2026.","timeline":[{"date":"1999-01-01","event":"Paul Gurinas and Bill DiSomma found Akamai Trading LLC (later renamed Jump Trading in 2001), a proprietary trading firm in Chicago","source":"Jump Trading - Wikipedia","source_url":"https://en.wikipedia.org/wiki/Jump_Trading"},{"date":"2014-04-16","event":"New York Attorney General subpoenas Jump Trading along with five other HFT firms as part of broad investigation into special exchange arrangements","source":"CNN Money","source_url":"https://money.cnn.com/2014/04/16/investing/high-speed-subpoenas/index.html"},{"date":"2018-05-08","event":"NYSE Chicago fines Jump Trading $250,000 for a temporary net capital deficiency caused by an erroneous algorithmic software fix","source":"Lexology - NYSE Chicago Sanction","source_url":"https://www.lexology.com/library/detail.aspx?g=7d1d9c35-6124-4a22-b51b-2c3640a0a982"},{"date":"2021-05-23","event":"TerraUSD (UST) depegs from $1; Tai Mo Shan (Jump Crypto subsidiary) secretly purchases approximately $20 million of UST to restore the peg under an alleged 'gentlemen's agreement' with Terraform Labs, receiving discounted LUNA tokens in exchange","source":"SEC Press Release 2024-212","source_url":"https://www.sec.gov/newsroom/press-releases/2024-212"},{"date":"2021-09-14","event":"Jump Trading formally launches Jump Crypto division, with Kanav Kariya appointed president","source":"Business Wire","source_url":"https://www.businesswire.com/news/home/20210914005700/en/Jump-Trading-Group-Launches-Jump-Crypto"},{"date":"2022-02-02","event":"Wormhole cross-chain bridge exploited for 120,000 ETH (~$320 million); Jump Crypto makes users whole within 24 hours by depositing equivalent ETH from its own balance sheet","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/02/03/jump-trading-backstops-wormholes-320m-exploit-loss-sources"},{"date":"2022-11-01","event":"FTX collapses; Jump Trading sustains losses of approximately $300 million (per Michael Lewis's 'Going Infinite'); Tai Mo Shan identified as a major creditor","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2023/10/03/jump-trading-lost-almost-300m-in-ftxs-collapse-michael-lewis-says-in-going-infinite"},{"date":"2022-05-01","event":"Terra/LUNA ecosystem collapses in May 2022, causing approximately $40 billion in market losses; Jump's undisclosed 2021 peg-support role later scrutinized by regulators and litigants","source":"Bloomberg - Terraform lawsuit","source_url":"https://www.bloomberg.com/news/articles/2025-12-19/terraform-administrator-files-4-billion-lawsuit-against-jump"},{"date":"2023-02-01","event":"Jump Crypto and Oasis collaborate to recover approximately $140 million net from the 2022 Wormhole hacker's wallet via an upgradable contract mechanism","source":"Blockworks","source_url":"https://blockworks.com/news/jump-crypto-wormhole-hack-recovery"},{"date":"2023-05-09","event":"Class action lawsuit filed against Jump Trading and Kanav Kariya alleging UST/aUST market manipulation and over $1.28 billion in ill-gotten profits from Terra ecosystem","source":"Selendy Gay PLLC","source_url":"https://www.selendygay.com/news/general/2023-05-09-selendy-gay-files-class-action-compaint-against-jump-trading"},{"date":"2023-11-17","event":"Jump Trading spins out Wormhole as an independent entity, shrinking its direct crypto business amid regulatory uncertainty and market downturn","source":"Bloomberg","source_url":"https://www.bloomberg.com/news/articles/2023-11-17/jump-spins-off-wormhole-project-shrinking-its-crypto-business"},{"date":"2024-06-20","event":"Reports emerge that the CFTC has opened an investigation into Jump Trading's cryptocurrency trading and investment activities","source":"Yahoo Finance / Fortune","source_url":"https://finance.yahoo.com/news/cftc-probing-jump-crypto-previously-154527304.html"},{"date":"2024-06-24","event":"Kanav Kariya resigns as president of Jump Crypto, four days after the CFTC investigation is publicly reported","source":"The Block","source_url":"https://www.theblock.co/post/301564/jump-crypto-president-kanav-kariya-departs-firm"},{"date":"2024-10-15","event":"Fracture Labs files an Illinois federal lawsuit against Jump Trading alleging a pump-and-dump scheme involving its DIO token on Huobi in 2021","source":"Claims Journal","source_url":"https://www.claimsjournal.com/news/national/2024/10/17/326897.htm"},{"date":"2024-12-20","event":"SEC settles with Tai Mo Shan Limited (Jump Crypto subsidiary) for $123,095,287 over charges of negligently misleading investors about TerraUSD's stability and acting as an unregistered underwriter of LUNA","source":"SEC Press Release","source_url":"https://www.sec.gov/newsroom/press-releases/2024-212"},{"date":"2025-06-05","event":"Federal court dismisses Fracture Labs pump-and-dump lawsuit against Jump Trading without prejudice on jurisdictional grounds (lack of complete diversity); not a ruling on the merits","source":"Law.com / National Law Journal","source_url":"https://www.law.com/nationallawjournal/2025/06/05/jump-trading-dodges-8-figure-crypto-fraud-lawsuit-on-jurisdictional-grounds/"},{"date":"2025-12-19","event":"Terraform bankruptcy administrator Todd Snyder files $4 billion civil lawsuit against Jump Trading, William DiSomma, and Kanav Kariya in the Northern District of Illinois, alleging manipulation, concealment, and self-dealing","source":"Bloomberg","source_url":"https://www.bloomberg.com/news/articles/2025-12-19/terraform-administrator-files-4-billion-lawsuit-against-jump"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 888d5442-5070-4050-80b3-dffb8ac92ecfcopy