Jump Crypto swapped $40.5M worth of stETH for ETH
ETH is now being transferred to exchanges
Funds are from the 2023 Wormhole recovery hack
Jump Crypto has made headlines again by swapping a significant amount of staked Ether (stETH) for regular ETH and moving the funds to exchanges, according to on-chain analyst EmberCN. The swap, which took place within the past hour, involved 11,802 stETH—valued at approximately $40.5 million.
The converted ETH was sent to the wallet address 0xf58...621, which has now begun transferring funds to centralized exchanges. This has raised eyebrows in the crypto community, as market watchers speculate on whether these movements could signal upcoming sell-offs or strategic reshuffling of assets by Jump Crypto.
Ties to the Wormhole Exploit Recovery
These funds are not just any assets—they’re part of the 120,000 ETH that Jump Crypto “hacked” back from the Wormhole bridge exploiter in February 2023. The firm played a major role in recovering the stolen assets from the cross-chain bridge hack that had cost the ecosystem nearly $320 million.
Since then, Jump Crypto has gradually offloaded much of the recovered ETH. With only around 28,000 ETH left in their possession after this latest transaction, it appears that the firm is nearing the end of its liquidation or reallocation strategy related to these specific funds.
According to @EmberCN, Jump Crypto swapped 11,802 stETH (worth $40.5 million) for ETH within the past hour and transferred the ETH to address 0xf58…621, which has started moving the funds to exchanges. These ETH came from the 120,000 ETH that Jump Crypto "hacked" back from the…
— Wu Blockchain (@WuBlockchain) July 17, 2025
Market Impact and Community Reaction
The crypto market often responds quickly to large wallet movements—especially when they involve known entities like Jump Crypto. The movement of funds to exchanges typically hints at potential sales, which can impact ETH’s short-term price.
However, it’s also possible that Jump Crypto is reallocating assets for institutional strategies, not necessarily to dump ETH into the market. Regardless, these high-value transactions are being closely watched by analysts and traders alike.
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