8 ms·

FYI this is jump trading, probably the largest prop trader and market maker in crypto. I have heard they lost over $4 billion from the Luna / UST crash although

FYI this is jump trading, probably the largest prop trader and market maker in crypto. I have heard they lost over $4 billion from the Luna / UST crash although their profits from the bull run were so high they are likely fine.

iqkznnft 4y ago
4 billion seems an enormous amount. Do you know how they trade it?
- seibelj 4y ago
  I don’t work in trading but everyone in trading knows jump. Likely they invest in a lot of altcoins in pre-sales at significant discounts. Also they were the ones that bailed out Wormhole when they got hacked, likely because the hundreds of millions lost was jump’s own money. They are heavily into solana like all big traders for whatever reason. I think solana is weak tech but there is tons of VC money behind it.
  - iqkznnft 4y ago
    I work in trading and didn't hear $4bn, that's why I was asking.
  - polygamous_bat 4y ago
    Jump is into Solana because Solana is their baby; it's a centralized technology that they are behind. Source: was supposed to get in a call with a few people with @solana.com email addresses, got a calendar invite with same names @jumptrading.com addresses.
    - favflam 4y ago
      Interesting. I heard someone from Solana labs describe write access to Solana as an oligopoly. But I don’t understand the play. Is it for Jump and retail investors to play in the same Dex derivative bath tub?
- SEJeff 4y ago
  Generally buy low sell high, as all traders attempt :)
rvz 4y ago
> I have heard they lost over $4 billion from the Luna / UST crash Source for this? I can't seem to find this claim anywhere.
- smabie 4y ago
  No public source but number seems approximately correct +/- 1bn. Their 2021 pnl was over 10bn though so they still up massively.
  - yhat1136 4y ago
    I've also heard that 10-man team at Tower made about $3B trading crypto last year. The team leader got a $600M bonus.
  - puranjay 4y ago
    Half the traders I know who were sitting on 3000% gains in 2021 are down to 300-500% gains by 2022. Crypto markets fall apart as quickly as they go up. Most who entered the market in late 2021 are down and will be down for years (forever if they're holding some dead altcoin).
  - futevolei 4y ago
    You are referring to mark to market gains/losses and not actually realized, correct? Like jump didn’t actually clear 10 bill in profit or lose 4. They were in early size and let it ride but actually investment was small, do I have it right?
    - smabie 4y ago
      Mark to market and realized losses are the same thing for a trading firm.
  - kolbe 4y ago
    What's $10bn less short term cap gains taxes less $4bn?
    - 4y ago

iqkznnft 4y ago

4 billion seems an enormous amount. Do you know how they trade it?

seibelj 4y ago
I don’t work in trading but everyone in trading knows jump. Likely they invest in a lot of altcoins in pre-sales at significant discounts. Also they were the ones that bailed out Wormhole when they got hacked, likely because the hundreds of millions lost was jump’s own money. They are heavily into solana like all big traders for whatever reason. I think solana is weak tech but there is tons of VC money behind it.
- iqkznnft 4y ago
  I work in trading and didn't hear $4bn, that's why I was asking.
- polygamous_bat 4y ago
  Jump is into Solana because Solana is their baby; it's a centralized technology that they are behind. Source: was supposed to get in a call with a few people with @solana.com email addresses, got a calendar invite with same names @jumptrading.com addresses.
  - favflam 4y ago
    Interesting. I heard someone from Solana labs describe write access to Solana as an oligopoly. But I don’t understand the play. Is it for Jump and retail investors to play in the same Dex derivative bath tub?
SEJeff 4y ago
Generally buy low sell high, as all traders attempt :)

rvz 4y ago

> I have heard they lost over $4 billion from the Luna / UST crash Source for this? I can't seem to find this claim anywhere.

smabie 4y ago
No public source but number seems approximately correct +/- 1bn. Their 2021 pnl was over 10bn though so they still up massively.
- yhat1136 4y ago
  I've also heard that 10-man team at Tower made about $3B trading crypto last year. The team leader got a $600M bonus.
- puranjay 4y ago
  Half the traders I know who were sitting on 3000% gains in 2021 are down to 300-500% gains by 2022. Crypto markets fall apart as quickly as they go up. Most who entered the market in late 2021 are down and will be down for years (forever if they're holding some dead altcoin).
- futevolei 4y ago
  You are referring to mark to market gains/losses and not actually realized, correct? Like jump didn’t actually clear 10 bill in profit or lose 4. They were in early size and let it ride but actually investment was small, do I have it right?
  - smabie 4y ago
    Mark to market and realized losses are the same thing for a trading firm.
- kolbe 4y ago
  What's $10bn less short term cap gains taxes less $4bn?
  - 4y ago