Kanav Kariya Leaves Jump Crypto as CFTC Investigates the Firm’s Crypto Involvement

Kariya was named Jump Crypto's first president in 2021, when he was 25. His departure comes as Fortune reported that the Commodity Futures Trading Commission is investigating Jump's involvement in crypto.

Kanav Kariya, who joined Jump Trading as an intern and rose to lead its crypto unit, has announced his departure from the high-speed trading firm.

“Today marks the end of an incredible personal journey for me,” Kariya wrote in a post on X announcing his departure.

Today marks the end of an incredible personal journey for me. It’s my last day at Jump, a moment I’m receiving with both a heavy heart and great excitement about the road ahead. I’m leaving with a set of awesome relationships and unique, invaluable and shaping experiences. It’s…

Kariya didn’t say where he was headed to next, saying only that he wants to “catch up on relationships and reading that I had set on the back burner.”

Kariya was named Jump Crypto’s first president in 2021, at the age of 25.

His departure comes as Fortune reported that the Commodity Futures Trading Commission is investigating Jump’s involvement in crypto.

Jump Trading has a storied history in Chicago, where it was founded in 1999 by derivatives pit traders. It is a leading firm in the secretive world of high-speed trading.

After founding its crypto arm in 2021, Jump emerged as a major market maker and investor in crypto assets.

Under Kariya, Jump helped to found Pyth, a decentralized network that provides offchain data like asset price feeds to DeFi protocols.

Jump also contributed to crypto bridge Wormhole, which connects Solana’s blockchain to Ethereum.

However, Jump suffered a series of blows during Kariya’s tenure.

The firm had to bail out Wormhole to the tune of $320 million after a massive hack in 2022. Last November, it spun off the bridge from its business.

Jump was a major investor in Do Kwon’s Terraform Labs, which used the firms’ market-making service for its stablecoin Luna.

In its lawsuit against Terraform and Kwon, the Securities and Exchange Commission alleged that a firm — unnamed, but later revealed to be Jump — had helped to maintain Terra’s peg during its collapse in 2021.

Jump reportedly profited handsomely off Terraform, while regular investors lost their money.

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