Jump Cryptos President Resigns

In May 2022, the well-known downfall of the Terra ecosystem had a significant effect on the trading company, leading to a legal action from investors. They claimed that Jump Crypto made $1.3 billion in gains by collaborating with Terra founder Do Kwon to control the price of Terra’s UST, aiming to keep the algorithmic stablecoin’s value tied to the U.S. dollar. The lawsuit further asserted that Jump Crypto profited from acquiring LUNA tokens at a substantial discount, occasionally at a discount of up to 99% from the market value, as a reward for supporting UST and the Terra ecosystem.