Jump Cryptos President Resigns

In May 2022, the well-known crash of the Terra ecosystem had a significant impact on the trading company, leading to a lawsuit from investors. The lawsuit claimed that Jump Crypto made $1.3 billion in profits through collaboration with Terra founder Do Kwon to control the price of Terra’s UST. Their objective was to uphold the U.S. dollar peg of the algorithmic stablecoin. Additionally, the lawsuit alleged that Jump Crypto received LUNA tokens at a significant discount, often up to 99% off the market price, as a token of appreciation for supporting UST and the Terra ecosystem.