跳跃交易的兴衰：秘密巨人的加密赌博

去年8月，跳跃交易的仓促和大量抛售将加密货币市场推向了深渊，进一步触发了“ 805崩溃”。

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，跳跃交易的仓促和大量抛售将加密货币市场带入了深渊，进一步触发了“ 805崩溃”。当时，关于“这个大个子”跳跃崩溃的谣言变得广泛。

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

在随后的六个月中，有关跳跃的少数新闻报道几乎完全集中在其内部和外部诉讼上。

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来源，称跳高现在正在完全恢复其加密货币业务。 Jump Trading官方网站显示，Jump正在招募在芝加哥，悉尼，新加坡和伦敦的办事处的一批加密货币工程师。

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

另一位内部人士补充说，Jump计划在适当时间开始补充其美国政策和政府联络立场。

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.

跳跃曾经被描述为贸易界的“绝对国王”。借助超低潜伏期交易系统和高级算法，Jump成为传统金融中的关键流动性提供商。随着加密货币市场的规模的扩大，Jump开始销售加密货币并投资加密项目，并于2021年正式建立了其加密货币业务部Jump Crypto。

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

但是，伴随Jump Crypto诞生的赌博也为后来的悲剧奠定了基础。

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

跳跃交易的兴衰：秘密巨人的加密赌博

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，交易者过去曾通过电话，手势和跳跃以进行公开抗议，在交易大厅里大声疾呼。这也是跳跃交易名称的灵感。

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.

总部位于芝加哥，并于1999年由两家前芝加哥商业交易所（CME）地板交易员Bill Disomma和Paul Gurinas创立，迅速发展成为美国最大的高频交易公司之一，活跃于全球期货，期权和股票交易所。它也是美国国库债券和加密货币的主要交易者。

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.

由于需要保护其交易策略，跳跃始终保持低调。结合做市商在幕后运营的事实，一层神秘的事实笼罩了它。 Jump很少透露其财务数据，创始人对其运营状况保持妈妈。自2020年以来，也许要降低曝光率，他们调整了战略和业务结构，不再需要向SEC提交13F文件，而是继续通过其母公司Jump Financial LLC提交。根据后者提交的最新13F备案，截至2024年第二季度，在管理层管理的资产超过76亿美元，大约有1,600名员工。此外，Jump Trading在美国，欧洲，澳大利亚和亚洲设有办事处。

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

Jump Trading还设有两个辅助业务部门：Jump Capital和Jump Crypto。

Jump Capital

跳高资本

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的总部位于芝加哥，成立于2012年，已参与加密货币投资已有很多年了，尽管Jump's Crypto部门仅在2021年正式成立。其加密货币策略之一Peter Johnson，彼得·约翰逊（Peter Johnson）提到，他们长期以来一直部署了加密货币策略。

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.

根据相关的Rootdata页面，Jump Capital的加密投资组合超过80个投资，主要是在Defi，Infrastructure和CEFI上，他们投资于Lotex，SEI，Galxe，Mantle和Phantom等项目。

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启动了自成立以来最大的基金，总资本承诺为3.5亿美元，并吸引了167个投资者，标志着Jump Capital的第七企业基金。

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，在为其第七个投资基金完成筹款时，Jump宣布成立其加密投资部门Jump Crypto，将第七基金的40％分配给加密货币领域，重点关注DEFI，金融应用，区块链基础设施以及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.

当时26岁的卡纳夫·卡里亚（Kanav Kariya）于2021年成为Jump Crypto的第一任总统。他于2017年初加入了Jump Trading，并被任命来建立早期的加密货币交易基础设施。

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

相关阅读：《挖掘跳跃的过去：4个月内担任总统的实习生》

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首先经历了脱钉。在接下来的一周中，Jump购买了大量的UST，以产生需求的幻想，并将UST的价值提高到1美元。这项贸易赚了10亿美元，其提议的作者卡里亚（Kariya）在四个月后迅速晋升为Jump Crypto总统。

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

但是，这项秘密交易也为跳跃从恩典掉下来奠定了基础。

With the complete collapse of the Terra UST stable

随着Terra Ust稳定的完全崩溃