Inside Jump Trading’s Response to a $325 Million Wormhole Heist
- ‘We’re going to chase down every path,’ Jump’s Olsen says
- Firm rescued Wormhole due to ‘robust future of project’
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It was early February, and employees of Jump Crypto had gathered in Miami to do the type of wonky work common among cryptocurrency industry professionals: pour through thick research reports, debate white papers, and decide what projects were worth building next.
In the middle of the meeting, one of the team members noticed something alarming. Hackers had discovered a disastrous flaw in a project called “Wormhole” that Jump had helped develop. A “high-tech check forgery” was underway, as Dave Olsen, Jump’s president and chief investment officer, describes it.