Kanav Kariya Leaves Jump Trading Amid CFTC Probe

Kanav Kariya, who rapidly rose from intern to head of cryptocurrencies at Chicago-based trading giant Jump Trading by the age of 25, has departed from the company. This decision comes in the wake of a recent report by Fortune revealing an investigation by the U.S. Commodity Futures Trading Commission into Jump Trading’s cryptocurrency activities.

Kariya announced his departure on X Monday, expressing mixed emotions, stating, “a moment I’m receiving with both a heavy heart and great excitement about the road ahead.” His appointment as president was made public in 2021, but the company encountered challenges soon after. Notably, the Wormhole cryptocurrency bridge, supported by Jump, was breached in early 2022, resulting in losses exceeding $300 million, which Jump covered out of its own funds. Additionally, the Terra/Luna project by Do Kwon, which Jump had significant involvement in, faced a crisis that led to criminal charges against Kwon. U.S. authorities disclosed that Jump had profited over $1 billion from the ecosystem before its collapse.

Having taken on the role of president of Jump Crypto at just 25 years old, Kariya, now in his late 20s, expressed his intention to continue engagement with the companies in his portfolio. He also plans to reflect on the tumultuous past few years, mentioning, “hopefully take some time to process the unbelievably eventful few years we’ve had,” in his statement on X Monday.

UPDATE (June 24, 2024, 14:55 UTC): Adds Fortune story on CFTC probe.