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Wormhole is now owned by the crypto arm of a large traditional financial trading company, Jump Trading. Here's a tweet from the CEO of Jump Crypto saying that t

Wormhole is now owned by the crypto arm of a large traditional financial trading company, Jump Trading. Here's a tweet from the CEO of Jump Crypto saying that they put up the funds: "Jump put up 120k of it’s own ETH because we believe in Wormhole and want to support it in this stage of its development." https://twitter.com/KariyaKanav/status/1489312871456649228 https://twitter.com/KariyaKanav/status/1489312871456649228 I think Jump Crypto also also heavily trading across the bridge, which means that some portion of the lost funds were their own funds.

tylersmith 5y ago
Wormhole has always been owned by Jump.
- cldellow 5y ago
  I don't think that's true. Disclaimer: I know nothing about this space. But: - Oct 2020: Certus One is proud to announce the Wormhole project [1] - August 2021: Jump Trading acquires Certus One [2] [1]: https://medium.com/certus-one/introducing-the-wormhole-bridge-24911b7335f7 https://medium.com/certus-one/introducing-the-wormhole-bridg... [2]: https://www.bloomberg.com/news/articles/2021-08-03/quant-shop-jump-capital-buys-blockchain-engineer-firm-certus-one https://www.bloomberg.com/news/articles/2021-08-03/quant-sho...
benreesman 5y ago
I know relatively little about Jump Crypto BU per se. But I know people who work at Jump and they are serious as a heart attack. I think we can all sleep easy that the terrifyingly smart rich people made the right call on how to handle their own exposure. If retail people got jacked that’s another matter, but that’s not how I’m reading this? Did I miss something?
- gaogao 5y ago
  I got a pretty extensive walkthrough of Jump's risk management stack and wasn't particularly impressed as a counterpoint. Side note: it's interesting that Jane Street is pretty anti-crypto and sort of indirectly results FTX from Sam and co. jumping ship.
  - Zababa 5y ago
    Interesting that Jane Street is anti-crypto too considering they somewhat collaborate with Tezos through OCaml.
    - exdsq 5y ago
      I don’t think they are from my somewhat limited exposure to them through events
  - zvzztz 5y ago
    That doesn't appear to be true. https://www.bloomberg.com/news/articles/2022-01-24/jane-street-says-crypto-trading-business-is-clear-growth-area https://www.bloomberg.com/news/articles/2022-01-24/jane-stre...
    - gaogao 5y ago
      Hmm, fair. I guess really only historically. My data point was from about 6 months ago when they had stated far less exposure, but money I guess.
- Tenoke 5y ago
  Yes you did. They could've not deposited the funds in which case it would've been retail that covers the cost. Instead they do and the loss is purely on them.
- benburton 5y ago
  > I think we can all sleep easy that the terrifyingly smart rich people made the right call on how to handle their own exposure. My personal Venn diagram of "terrifyingly smart people" and "people involved with cryptocurrency" is a null set.
  - benreesman 5y ago
    https://iohk.io/team/ https://iohk.io/team/ is probably the best single link that demonstrates how absurd that statement is, but that group is far from the only one where basically any of the senior technical people could work basically wherever the hell they want.
    - capitalsigma 5y ago
      Are we supposed to know who any of these people are?
      - benreesman 5y ago
        The first 5 or 10 people on that list include ACM Fellows, Godel winners, full professors at Oxford, that type of thing. I’m a bit of an FP weenie so I’d probably be most starstruck by meeting Wadler, but yeah, heavy, heavy hitters.
  - SturgeonsLaw 5y ago
    The people building distributed tech and the people shilling shitcoins on Youtube are two different groups
    - loceng 5y ago
      What's the Venn diagram look to you between projects using blockchain vs. projects using blockchain inherently designed to have or allow same pattern as Ponzi and MLM schemes?
      - benreesman 5y ago

tylersmith 5y ago

Wormhole has always been owned by Jump.

cldellow 5y ago
I don't think that's true. Disclaimer: I know nothing about this space. But: - Oct 2020: Certus One is proud to announce the Wormhole project [1] - August 2021: Jump Trading acquires Certus One [2] [1]: https://medium.com/certus-one/introducing-the-wormhole-bridge-24911b7335f7 https://medium.com/certus-one/introducing-the-wormhole-bridg... [2]: https://www.bloomberg.com/news/articles/2021-08-03/quant-shop-jump-capital-buys-blockchain-engineer-firm-certus-one https://www.bloomberg.com/news/articles/2021-08-03/quant-sho...

benreesman 5y ago

I know relatively little about Jump Crypto BU per se. But I know people who work at Jump and they are serious as a heart attack. I think we can all sleep easy that the terrifyingly smart rich people made the right call on how to handle their own exposure. If retail people got jacked that’s another matter, but that’s not how I’m reading this? Did I miss something?

gaogao 5y ago
I got a pretty extensive walkthrough of Jump's risk management stack and wasn't particularly impressed as a counterpoint. Side note: it's interesting that Jane Street is pretty anti-crypto and sort of indirectly results FTX from Sam and co. jumping ship.
- Zababa 5y ago
  Interesting that Jane Street is anti-crypto too considering they somewhat collaborate with Tezos through OCaml.
  - exdsq 5y ago
    I don’t think they are from my somewhat limited exposure to them through events
- zvzztz 5y ago
  That doesn't appear to be true. https://www.bloomberg.com/news/articles/2022-01-24/jane-street-says-crypto-trading-business-is-clear-growth-area https://www.bloomberg.com/news/articles/2022-01-24/jane-stre...
  - gaogao 5y ago
    Hmm, fair. I guess really only historically. My data point was from about 6 months ago when they had stated far less exposure, but money I guess.
Tenoke 5y ago
Yes you did. They could've not deposited the funds in which case it would've been retail that covers the cost. Instead they do and the loss is purely on them.
benburton 5y ago
> I think we can all sleep easy that the terrifyingly smart rich people made the right call on how to handle their own exposure. My personal Venn diagram of "terrifyingly smart people" and "people involved with cryptocurrency" is a null set.
- benreesman 5y ago
  https://iohk.io/team/ https://iohk.io/team/ is probably the best single link that demonstrates how absurd that statement is, but that group is far from the only one where basically any of the senior technical people could work basically wherever the hell they want.
  - capitalsigma 5y ago
    Are we supposed to know who any of these people are?
    - benreesman 5y ago
      The first 5 or 10 people on that list include ACM Fellows, Godel winners, full professors at Oxford, that type of thing. I’m a bit of an FP weenie so I’d probably be most starstruck by meeting Wadler, but yeah, heavy, heavy hitters.
- SturgeonsLaw 5y ago
  The people building distributed tech and the people shilling shitcoins on Youtube are two different groups
  - loceng 5y ago
    What's the Venn diagram look to you between projects using blockchain vs. projects using blockchain inherently designed to have or allow same pattern as Ponzi and MLM schemes?
    - benreesman 5y ago