Kariya announced his resignation just four days after reports surfaced of a Commodity Futures Trading Commission (CFTC) investigation. This inquiry is part of a broader series of investigations by either the CFTC or SEC into Jump.
“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,” Kariya said.
The CFTC has been examining Jump Crypto for its trading and investment activities in the cryptocurrency space. Since its establishment in September 2021, Jump Crypto has emerged as a key player in the industry, serving as a leading market maker and investor.
Kariya’s resignation raises questions within the community about the upcoming investigation and its implications. Regardless, Kariya expressed intentions to remain involved with the portfolio companies he has been closely engaged with, while also taking time to reflect on his future endeavors.
“I plan to continue supporting the portfolio companies I’ve been deeply involved with and take some time to process the incredibly eventful past few years,” Kariya stated.
Kariya’s career
Kariya, who began his journey at Jump as an intern, was appointed as Jump Crypto’s inaugural president in 2021 at the age of 25.
While not disclosing specific future plans, Kariya mentioned his intention to “reconnect with friends and family and catch up on reading that I haven’t had time for.”
Founded in 1999 by pit traders in Chicago, Jump Crypto entered the cryptocurrency market in 2021 and has made a significant impact. The firm has been involved in projects like Pyth and the crypto bridge Wormhole.
During Kariya’s leadership, Jump Crypto faced challenges such as bailing out Wormhole following a $320 million hack and being implicated in the SEC’s lawsuit against Terraform Labs for its role in maintaining Terra’s peg during its collapse in 2021.
