— FTX, Jump Trading
How Jump helped US Robinhood users trade offshore at FTX
Jump Trading apparently lost nearly $300 million on FTX, before the collapse Jump was one of the largest Robinhood market makers.
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— FTX, Jump Trading
Jump Trading apparently lost nearly $300 million on FTX, before the collapse Jump was one of the largest Robinhood market makers.
Sam Bankman-Fried's Robinhood shares could cause a major price meltdown, unless the DoJ or liquidators agree to sell them back to the firm.
Robinhood customers have assets held and transactions processed by a labyrinth of opaque service providers, including Jump Crypto.
Robinhood wanted Ziglu for $170 million in April but now says it will pay just $72.5 million, leaving Ziglu investors way down on the deal.
Robinhood's compliance program was understaffed and the company was too slow in moving away from its manual transaction monitoring system.
— Crypto, Regulation
The exact terms of the deal have not been disclosed but as of September last year, Ziglu was valued at somewhere in the region of $111 million.
Robinhood stock has collapsed more than 60% since its IPO last July, and fleeting crypto trade volumes haven't been enough to turn the tide.
Robinhood's finance chief recently noted there's no "compelling reasons strategically" to buy sizable amounts of crypto with company cash.