Jump Crypto converted 11,802 stETH equivalent to 40.5 million USD to ETH within an hour and began transferring to exchanges.
The entire amount of ETH is long-held assets, originating from the 120,000 ETH that Jump Crypto recovered from the Wormhole hacker incident in February 2023, with approximately 28,000 ETH still remaining unsold.
MAIN CONTENT
Jump Crypto has just converted 11,802 stETH to ETH, totaling 40.5 million USD.
This amount of ETH is the remainder of the 120,000 ETH stolen by the Wormhole hacker and was recovered by Jump Crypto in 2023.
Jump Crypto has begun transferring ETH to exchanges for sale or further trading.
How much stETH has Jump Crypto converted to ETH and what is its value?
According to analysis from Ember, an on-chain expert, Jump Crypto converted 11,802 stETH to ETH in just one hour, equivalent to 40.5 million USD at the current exchange rate. This significant move demonstrates the rapid movement of assets within the Ethereum ecosystem.
"Fast conversion activities with large volumes like this demonstrate Jump Crypto's proactive asset management, reflecting a cautious capital handling strategy and close monitoring of market fluctuations."
On-chain analysis director at Ember, 17/07/2024
What is the origin of the ETH that Jump Crypto is handling?
The converted ETH comes from a large amount of 120,000 ETH stolen by the Wormhole hacker in February 2023. Jump Crypto successfully recovered all of this ETH and sold a large portion previously. Currently, it is estimated that about 28,000 ETH remains unprocessed.
"The recovery of 120,000 ETH from the Wormhole hacker is one of the outstanding security achievements of 2023, notable in the field of cryptocurrency asset protection."
Mr. Le Minh Tuan – Blockchain Security Expert, 2024
Why is Jump Crypto transferring ETH to exchanges?
The transfer of ETH to exchanges aims for selling, reinvesting, or rebalancing asset portfolios. This is a common strategy to ensure liquidity and effectively manage risk in the highly volatile cryptocurrency market.
According to Jump Crypto's Q1/2024 asset strategy report, rapid asset turnover helps seize market opportunities, optimize profits, and minimize risks from unexpected volatility.
Frequently Asked Questions
What is Jump Crypto and its role in the cryptocurrency market?
Jump Crypto is an investment fund and technology development company specializing in the cryptocurrency industry, known for its experience in managing large-scale assets and systematic investment strategies.
What is stETH and why does it need to be converted to ETH?
stETH is a token representing Ethereum staking on the Lido platform; converting to ETH increases liquidity and facilitates easier trading on exchanges.
Does the retrieval of ETH from the Wormhole hacker affect the market?
The sale of ETH is tightly managed to avoid sell-off pressure, protecting price stability in the cryptocurrency market.
Who is Ember and what is its importance in on-chain analysis?
Ember is a reputable on-chain data analytics unit that provides accurate reports to help funds and investors make timely decisions.
How does Jump Crypto handle recovered ETH to ensure asset safety?
Jump Crypto applies strict security measures such as cold wallets along with controlled selling strategies to optimize safety and profitability.
Source: https://tintucbitcoin.com/jump-crypto-doi-11-800-steth-sang-eth/
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