Jump Crypto unstakes $315M of ETH, now headed to exchanges

Brayden Lindrea6 hours agoJump Crypto unstakes $315M of ETH, now headed to exchangesJump still holds at least $125 million of staked-Ether, blockchain data shows.8433 Total views35 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onJump Crypto, the crypto division of Jump Trading, has shifted hundreds of millions of dollars worth of crypto to exchanges in recent days, sparking speculation that it may be preparing to sell off a huge chunk of its assets.

The transfers include over 120,000 staked Ether (ETH) tokens worth around $314.8 million, which started moving on July 24, one day after the launch of spot Ether exchange-traded funds in the United States.

Data from blockchain analytics platform Arkham shows much of those funds were unstaked at the Ethereum redeem address “0x986…608c6” before being moved to Binance, OKX, Coinbase, Bybit and Gate.io deposit addresses.Jump transferring portions of its staked Ether to its Ethereum redeem address. Source: Arkham Intelligence

Crypto sleuth EmberCN estimated approximately $410 million of Ether has been unstaked, with $191 million of that already entering crypto exchanges. Jump Crypto still holds at least $125.8 million of staked Ether, including $116.1 million of wrapped Lido Staked Ether (STETH).

Jump Crypto also moved USD Coin (USDC), Tether (USDT), Ether, Uniswap (UNI) and Shiba Inu (SHIB) tokens to crypto exchanges.

It comes as 15% of the total crypto market cap has been wiped out in the last week.Community left wondering why

Industry pundits are now speculating on whether Jump is preparing to liquidate hundreds of millions of dollars worth of crypto as more funds move to exchanges.

Liquidating or not, several crypto commentators have slammed the firm for moving the funds over the weekend.

“That means they got ppl to work fuckin SHIFTS dumping their books on an illiquid weekend following the worst stock market day in years. This is a conscious decision to inflict the maximum amount of pain,” blockchain sleuth “Wazz” said.

“[This] perfectly sums up why their crypto operation is such a mess,” added Adam Cochran, partner at venture capital firm Cinneamhain Ventures.Source:Wazz

Related:Crypto Super PAC raises $169M following $10M donation from Jump Crypto

The mass transfers come about five weeks after Kanav Kariya stepped down as Jump Crypto’s president following widespread reports of a US Commodity Futures Trading Commission investigation.

Cointelegraph reached out to Jump Crypto for comment but didn’t receive an immediate response.

Magazine: Mystery of Polygon’s missing MATIC: Everyone’s doing it, says ChainArgos# Coinbase# Business# Ethereum# Binance# Trading# OKX# StakingAdd reaction