As a researcher with experience in the crypto sector, I have closely followed the events surrounding Kariya’s departure from Jump Crypto and its impact on the LDO token. The accusations against Kariya for his role in the Terra ecosystem collapse and the subsequent profits reaped by Jump Crypto have left a sour taste in the community.
The LDO token’s price behavior has been negatively influenced by Jump Crypto’s actions, causing concern among crypto community members who suspect Kariya as the instigator. Some influential figures in crypto have accused Kariya of orchestrating the downfall of Terra’s ecosystem in 2022, leading to a significant loss of approximately $40 billion for investors and contributing to the onset of the 2022 crypto market downturn.
According to a report from DLNews, approximately two dozen individuals expressed joy on social media after Kariya declared his departure from Jump Crypto to prioritize personal connections and serve as a “receptive vessel for inspiration.”
I intend to continue my active involvement with the portfolio companies that have been a significant part of my journey in the coming days. Additionally, I look forward to taking a moment to reflect on the extraordinary events of the past few years.
Zach Rynes, representing Chainlink as their Community Liaison, commented that Kariya’s departure was a “regrettable yet necessary consequence,” given his role in guiding Jump Crypto towards the Terra collapse, which yielded over $1 billion in profits. These earnings will be allocated towards covering “legal expenses” in Jump Crypto’s ongoing confrontation with the Commodity Futures Trading Commission (CFTC) rather than being directed towards assisting those affected by the TerraUSD incident.
“These individuals disguise themselves as harmless sheep but in reality are wolves, siphoning off massive amounts of money from crypto’s retail sector. Their ultimate goal is to control the transaction processing system, benefiting themselves at others’ expense. Regardless of who takes the fall, they remain accountable for their actions.”
Jump Crypto and the LDO Token
On Monday, the price of LDO, the token from Lido, surged following Kariya’s announcement. The Lido community rejoiced as Jump Crypto disposed of over 5 million LDO tokens during the Terra ecosystem’s downfall in May 2022, according to DLNews, which cited information from Arkham Intelligence. However, by September 2022, the Web3 company held approximately 6 million LDO tokens. Yet, as of June 25, 2023 (Tuesday), Jump Crypto owned less than half a million LDO tokens, suggesting a substantial sell-off.
Last year and early this year, Jump Crypto disposed of a significant portion of its LDO tokens from Lido DAO. Consequently, the Lido community distanced itself from the firm. Notably, Lido is among the most lucrative decentralized finance (DeFi) platforms, boasting a staggering $32 billion in total value locked (TVL), as per DefiLlama’s data. Within the past month, this platform has amassed over $100 million in fees, and within the last day, it generated approximately $3 million.
On Monday, when Kariya made his departure announcement, the LDO/USD candle for daily trading initiated at $2.071. It peaked at an impressive high of $2.479, marking a nearly 20% increase. However, by the end of the day, the LDO/USDT pair closed at a price of $2.348. In the preceding 24 hours, there was a decline of approximately 4.04% for this token, erasing some of its gains from Monday. Presently, it is valued at $2.35.
Photo: TradingView
Looking at the chart before me, I notice that the Relative Strength Index (RSI) for LDO stands at 56.68. This indicates that the token is currently experiencing bullish momentum. However, my personal crypto portfolio reveals a disappointing 7.67% decrease in LDO’s value over the past 30 days. In contrast, most major altcoins have shown better performance, with gains ranging from 10-30% since June 2023.
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2024-06-26 15:06