跳躍交易的興衰：秘密巨人的加密賭博

去年8月，跳躍交易的倉促和大量拋售將加密貨幣市場推向了深淵，進一步觸發了“ 805崩潰”。

Author: Nianqing, ChainCatcher

作者：Nianqing，Chaincatcher

Last August, a hasty and massive sell-off by Jump Trading drove the crypto market into a deep abyss, further triggering the "805 crash." At that time, rumors about "this big guy" Jump collapsing became widespread.

去年八月，跳躍交易的倉促和大量拋售將加密貨幣市場帶入了深淵，進一步觸發了“ 805崩潰”。當時，關於“這個大個子”跳躍崩潰的謠言變得廣泛。

In the six months that followed, the few news reports about Jump were almost entirely focused on its internal and external lawsuits.

在隨後的六個月中，有關跳躍的少數新聞報導幾乎完全集中在其內部和外部訴訟上。

Recently, CoinDesk cited sources familiar with the matter, stating that Jump is now fully restoring its cryptocurrency business. The Jump Trading official website shows that Jump is recruiting a batch of cryptocurrency engineers for its offices in Chicago, Sydney, Singapore, and London.

最近，科德斯克（Coindesk）引用了熟悉此事的消息來源，稱跳高現在正在完全恢復其加密貨幣業務。 Jump Trading官方網站顯示，Jump正在招募在芝加哥，悉尼，新加坡和倫敦的辦事處的一批加密貨幣工程師。

Another insider added that Jump plans to begin replenishing its U.S. policy and government liaison positions at the appropriate time.

另一位內部人士補充說，Jump計劃在適當時間開始補充其美國政策和政府聯絡立場。

Jump was once described as the "absolute king" of the trading world. With ultra-low latency trading systems and advanced algorithms, Jump became a key liquidity provider in traditional finance. As the scale of the crypto market expanded, Jump began to market-make for cryptocurrencies and invest in crypto projects, officially establishing its crypto business division, Jump Crypto, in 2021.

跳躍曾經被描述為貿易界的“絕對國王”。借助超低潛伏期交易系統和高級算法，Jump成為傳統金融中的關鍵流動性提供商。隨著加密貨幣市場的規模的擴大，Jump開始銷售加密貨幣並投資加密項目，並於2021年正式建立了其加密貨幣業務部Jump Crypto。

But the gamble that accompanied the birth of Jump Crypto also laid the groundwork for its later tragedy.

但是，伴隨Jump Crypto誕生的賭博也為後來的悲劇奠定了基礎。

The Rise and Fall of Jump Trading: A Secretive Giant's Crypto Gamble

跳躍交易的興衰：秘密巨人的加密賭博

In the early days, traders used to shout prices in the trading hall through calls, gestures, and jumps to perform open outcry. This was also the inspiration for the name Jump Trading.

在早期，交易者過去曾通過電話，手勢和跳躍以進行公開抗議，在交易大廳里大聲疾呼。這也是跳躍交易名稱的靈感。

Headquartered in Chicago and founded in 1999 by two former Chicago Mercantile Exchange (CME) floor traders, Bill DiSomma and Paul Gurinas, Jump Trading quickly grew to become one of the largest high-frequency trading firms in the U.S., active in futures, options, and equities exchanges worldwide. It is also a major trader of U.S. Treasury bonds and cryptocurrencies.

總部位於芝加哥，並於1999年由兩家前芝加哥商業交易所（CME）地板交易員Bill Disomma和Paul Gurinas創立，迅速發展成為美國最大的高頻交易公司之一，活躍於全球期貨，期權和股票交易所。它也是美國國庫債券和加密貨幣的主要交易者。

Due to the need to protect its trading strategies, Jump has always maintained a low profile. Combined with the fact that market makers operate behind the scenes, a layer of mystery has shrouded it. Jump rarely discloses its financial data, and the founders keep mum about its operational status. Since 2020, perhaps to lower exposure, they adjusted their strategy and business structure, no longer needing to submit 13F filings to the SEC but continuing to do so through its parent company, Jump Financial LLC. According to the latest 13F filing submitted by the latter, as of the second quarter of 2024, Jump Financial's assets under management exceed $7.6 billion, and it has approximately 1,600 employees. Additionally, Jump Trading has offices in the U.S., Europe, Australia, and Asia.

由於需要保護其交易策略，跳躍始終保持低調。結合做市商在幕後運營的事實，一層神秘的事實籠罩了它。 Jump很少透露其財務數據，創始人對其運營狀況保持媽媽。自2020年以來，也許要降低曝光率，他們調整了戰略和業務結構，不再需要向SEC提交13F文件，而是繼續通過其母公司Jump Financial LLC提交。根據後者提交的最新13F備案，截至2024年第二季度，在管理層管理的資產超過76億美元，大約有1,600名員工。此外，Jump Trading在美國，歐洲，澳大利亞和亞洲設有辦事處。

Jump Trading also has two subsidiary business units: Jump Capital and Jump Crypto.

Jump Trading還設有兩個輔助業務部門：Jump Capital和Jump Crypto。

Jump Capital

跳高資本

Headquartered in Chicago and established in 2012, Jump Capital has been involved in crypto investments for many years, even though Jump's crypto division was only officially established in 2021. One of its partners and heads of crypto strategy, Peter Johnson, mentioned that they have been deploying crypto strategies for a long time.

Jump Capital的總部位於芝加哥，成立於2012年，已參與加密貨幣投資已有很多年了，儘管Jump's Crypto部門僅在2021年正式成立。其加密貨幣策略之一Peter Johnson，彼得·約翰遜（Peter Johnson）提到，他們長期以來一直部署了加密貨幣策略。

According to relevant RootData pages, Jump Capital has a crypto portfolio of over 80 investments, primarily in DeFi, infrastructure, and CeFi, having invested in projects like loTeX, Sei, Galxe, Mantle, and Phantom.

根據相關的Rootdata頁面，Jump Capital的加密投資組合超過80個投資，主要是在Defi，Infrastructure和CEFI上，他們投資於Lotex，SEI，Galxe，Mantle和Phantom等項目。

In July 2021, Jump launched its largest fund since its inception, with a total capital commitment of $350 million, and it attracted 167 investors, marking Jump Capital's seventh venture fund.

2021年7月，Jump啟動了自成立以來最大的基金，總資本承諾為3.5億美元，並吸引了167個投資者，標誌著Jump Capital的第七企業基金。

Jump Crypto

跳加密

In 2021, while completing fundraising for its seventh investment fund, Jump announced the formation of its crypto investment division, Jump Crypto, allocating 40% of the seventh fund to the cryptocurrency sector, focusing on DeFi, financial applications, blockchain infrastructure, and stocks and tokens in Web 3.0.

2021年，在為其第七個投資基金完成籌款時，Jump宣布成立其加密投資部門Jump Crypto，將第七基金的40％分配給加密貨幣領域，重點關注DEFI，金融應用，區塊鏈基礎設施以及Web 3.0中的股票和股票和股票。

The then 26-year-old Kanav Kariya became the first president of Jump Crypto in 2021. He joined Jump Trading as an intern in early 2017 and was assigned to build the early cryptocurrency trading infrastructure.

當時26歲的卡納夫·卡里亞（Kanav Kariya）於2021年成為Jump Crypto的第一任總統。他於2017年初加入了Jump Trading，並被任命來建立早期的加密貨幣交易基礎設施。

Related Reading: 《Digging into Jump's Past: Intern to President in 4 Months》

相關閱讀：《挖掘跳躍的過去：4個月內擔任總統的實習生》

In May 2021, Terra's algorithmic stablecoin UST first experienced a de-pegging. In the following week, Jump purchased a large amount of UST to create an illusion of demand and pull UST's value back to $1. This trade earned Jump $1 billion, and its proposal's author, Kariya, was rapidly promoted to president of Jump Crypto four months later.

2021年5月，Terra的算法Stablecoin UST首先經歷了脫釘。在接下來的一周中，Jump購買了大量的UST，以產生需求的幻想，並將UST的價值提高到1美元。這項貿易賺了10億美元，其提議的作者卡里亞（Kariya）在四個月後迅速晉升為Jump Crypto總統。

However, this secret transaction also laid the groundwork for Jump's fall from grace.

但是，這項秘密交易也為跳躍從恩典掉下來奠定了基礎。

With the complete collapse of the Terra UST stable

隨著Terra Ust穩定的完全崩潰