Bloomberg: Wormhole has separated from its parent company Jump Trading and will operate independently in the future.

The cross-chain protocol Wormhole, which was hacked in February last year, losing 120,000 ETH worth about 320 million US dollars, seems to be on the decline. Bloomberg reported that Wormhole is no longer affiliated with market maker Jump Trading, and there have been no follow-ups to the previous rumors of issuing tokens.

Plans to issue 10 billion tokens "HOLE" are currently in a private token sale, seeking a valuation of 25 billion US dollars.

Wormhole Separates from Market Maker Jump Trading?

According to a report by Bloomberg, well-known market maker Jump Trading Group has separated from its cross-chain protocol Wormhole, with Wormhole's CEO Saeed Badreg and COO Anthony Ramirez both leaving Jump Trading.

Wormhole was launched by blockchain infrastructure provider Certus One in October 2020, and Jump Crypto acquired Certus One in August 2021.

Following this development, Wormhole will operate independently. The report did not mention any new acquisitions, and Jump Trading, Saeed Badreg, and Anthony Ramirez did not respond to Bloomberg's requests for comments.

Bloomberg noted that several Jump Crypto employees left in September to join the oracle project Pyth Network, mirroring the situation with Wormhole.

Jump Crypto Continues to Struggle, Pinning Hopes on Spot ETF Approval

Bloomberg also cited sources familiar with the matter, stating that the number of employees in Jump Trading's subsidiary Jump Crypto has decreased by about 50% from 150 people in 2022.

Jump Trading's hope lies in whether the Bitcoin spot ETF can gain approval. Sources claim that Jump Trading is monitoring the SEC's decision, as approval of the ETF could potentially lead to further expansion of its cryptocurrency business.

Prior to this, CoinDesk reported that BlackRock's Bitcoin spot ETF had been in talks with several well-known market makers:

• Jane Street

• Virtu Financial

• Jump Trading

• Hudson River Trading