Bloomberg: Wormhole spins off from Jump Trading to operate as independent entity

Insiders revealed that Jump Trading has divested its Wormhole business, with Wormhole executives including CEO Saeed Badreg and COO Anthony Ramirez resigning in recent weeks to operate Wormhole as an independent entity. Jump previously injected about $320 million into Wormhole after the project suffered a large-scale hack two years ago. Wormhole is part of Jump Crypto, which has been shrinking along with its parent company's reduced investment in the cryptocurrency market this year. Insiders said that after the split, the number of employees at Jump Crypto has decreased by about half since reaching a peak of around 150 in 2022.