According to Foresight News, Jump Trading has announced the transformation of its cross-chain protocol Wormhole into an independent business entity. Wormhole executives, including CEO Saeed Badreg and COO Anthony Ramirez, have recently left the company to operate Wormhole as a separate entity. Insiders claim that after the spin-off, the number of employees at Jump Crypto has decreased by about half from its peak of 150 in 2022.
Jump Trading acquired a cryptocurrency company called Certus One in 2021 and introduced the Wormhole development team. In early February last year, hackers exploited a security vulnerability in the Wormhole software to steal approximately $320 million worth of cryptocurrency. Jump Trading replenished the stolen funds.
