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Kang-hoon

Thu, June 20, 2024 at 16:40

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    Kang-hoon

    • Hello, Annie.

    • Today, I have some significant news regarding the Commodity Futures Trading Commission (CFTC) launching an investigation into the Chicago-based trading firm Jump's participation in the crypto market.

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  • Annie

    • Oh, really?

    • What exactly are they investigating?🤔

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    Kang-hoon

    • The investigation focuses on Jump's trading and investment activities in the crypto market.

    • This comes after a series of setbacks for the firm, including being linked to several hacks and collapses.

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  • Annie

    • Hacks and collapses?

    • That sounds serious.

    • Can you elaborate on those incidents?

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    • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

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    Kang-hoon

    • Certainly.

    • One major incident was the $325 million hack of Wormhole, a decentralized finance platform designed to bridge separate blockchains.

    • Additionally, after the collapse of FTX in November 2022, Jump suffered nearly $300 million in losses as a top market maker on the failed crypto exchange.

  • Annie

    • Wow, those are huge losses.😮 Was there any other controversy involving Jump?

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    Kang-hoon

    • Yes, indeed.

    • In February 2023, the US Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs and its founder Do Kwon, related to the failed TerraUSD stablecoin.

    • A former Jump employee testified as a whistleblower, and the jury ruled in favor of the SEC in April.

  • Annie

    • So, Jump was involved in that case too?

    • Did they face any charges?

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    Kang-hoon

    • Interestingly, no charges were directed at Jump in the SEC lawsuit.

    • However, the Department of Justice (DOJ) filed a criminal case against Do Kwon in March 2023, mentioning Jump as a US-based proprietary trading firm that played a role in maintaining Terra's peg.

  • Annie

    • I see.

    • Did Jump take any actions following these controversies?

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    Kang-hoon

    • Yes, Jump scaled back its involvement in the crypto sector.

    • They spun off two high-profile projects and opted out of the race for a spot in the Bitcoin ETF market.

  • Annie

    • That's quite a retreat.

    • What does the CFTC's investigation mean for Jump now?

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    Kang-hoon

    • The CFTC's investigation is the latest inquiry by a federal agency in the US.

    • While it's unclear if the agency is considering charges against Jump, many of Jump's activities, including crypto products, fall under the CFTC's jurisdiction.

  • Annie

    • So, what can we expect next?

    • Will there be more enforcement actions?

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    Kang-hoon

    • According to CFTC Chair Rostin Behnam, cryptocurrency firms can anticipate a new cycle of enforcement actions.

    • This suggests that the regulatory scrutiny on the crypto market will continue to intensify.

  • Annie

    • That's quite concerning.😟 Do you think this news is a bad sign for the market?

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    Kang-hoon

    • Yes, I would consider this news a negative development.

    • Increased regulatory scrutiny and potential enforcement actions can create uncertainty and volatility in the market, which is generally unfavorable for investors.

  • Annie

    • Thank you for the detailed explanation, Kang-hoon.

    • I'll keep this in mind for my investment decisions.🙏

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    Kang-hoon

    • Upon comprehensive consideration, this news is perceived as a 😱Bearish.

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