Wormhole becomes independent entity following spin-off from Jump Trading
Jump Trading has spun off its cross-chain protocol, Wormhole, into an independent entity amidst a backdrop of major security breaches and ongoing regulatory scrutiny. Jump Trading has officially separated Wormhole, a prominent cross-chain protocol, establishing it as an independent entity . This move, as reported by Bloomberg, has led to the departure of key Wormhole figures, including CEO Saeed Badreg and COO Anthony Ramirez. Wormhole’s history is marred by a major security breach in 2022, resulting in a loss of approximately $320 million, marking it as one of the most substantial defi hacks to date. In an extraordinary response, Jump Crypto, the cryptocurrency division of Jump Trading, intervened to replenish the stolen funds, primarily 120,000 ETH. Subsequently, in February of the follow ing year, Jump Crypto had successfully recovered the funds lost in the Wormhole attack. This recovery was partly facilitated by Oasis, under the directive of the High Court of England an...