Leap Crypto, a agency finest identified for quietly repegging TerraUSD with out disclosing it, has reintroduced itself on X as a pioneer of decentralized finance.
Leap Crypto, the buying and selling and enterprise arm of multi‑billion‑greenback agency Leap Buying and selling that performed a central position in underpinning Terra’s roughly $40 billion stablecoin ecosystem, has reintroduced itself and is outwardly able to construct once more.
Greater than a yr after stepping out of the highlight amid lawsuits and settlements, the agency resurfaced this week with a new put up on X.
“@jump_ is re-introducing itself: the builders behind some of the most ambitious projects in crypto. We are transforming real-world constraints into open-source, decentralized infrastructure and inviting builders and policymakers to shape the future of financial markets with us,” the agency wrote within the put up on June 19.
In an accompanying weblog put up, Leap Crypto acknowledged sustaining a “lower public profile” over the previous few years however insisted it has “never stopped building.”
Terra Fallout
Leap Crypto got here beneath scrutiny in December 2024, after its subsidiary, Tai Mo Shan, settled with the U.S. Securities and Change Fee for $123 million associated to deceptive traders throughout TerraUSD’s short-lived depeg in Could 2021.
In keeping with the SEC, Leap spent over $20 million by means of its subsidiary to push UST again to $1 with out disclosing its involvement. That transfer gave traders false confidence and helped gasoline billions of {dollars} in inflows into the stablecoin, which later collapsed catastrophically, the regulator mentioned.
Leap didn’t admit wrongdoing. In a commentary for the Wall Avenue Journal, the agency mentioned it was “deeply frustrated” with the SEC’s regulation-by-enforcement strategy however mentioned it was “pleased to resolve this matter.”
Former SEC Chair Gary Gensler, who left workplace in January, referred to as the case a reminder of crypto’s “significant investor losses due to fraud.”
“Bringing the message to regulators”
Now, Leap Crypto seems to be more and more concerned in discussions with policymakers in Washington, suggesting an curiosity in reentering the market by stating that “there has never been a better opportunity to build not just a new set of financial rails, but a new coordination layer for organizing.”
The crypto group wasted no time responding. Jordan Fish, the favored dealer higher often known as Cobie, replied to Leap’s put up: “Hey, you missed ‘got paid billions to repeg Luna’s UST’ from the track record,” referencing Leap’s behind-the-scenes position in stabilizing TerraUSD.
One other X consumer utilizing the deal with CatfishFishy, additionally mocked the agency by saying, “We’re back! When we’re not busy paying 9-figure settlements for scamming retail investors… we spend our time releasing the least reliable protocols ever launched in web3 history, such as Pyth and Wormhole!”
Jump Crypto’s comeback comes amid a pro-crypto shift under the Trump administration, which previously pardoned BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed, along with former executive Gregory Dwyer. All of them pleaded guilty in 2022 to Bank Secrecy Act violations related to inadequate anti-money laundering controls.
The SEC’s aggressive enforcement stance has also softened. The agency dropped or paused several high-profile crypto lawsuits, including those against Binance, Ripple, Robinhood, and Coinbase, after President Trump pledged to make the U.S. the “crypto capital of the world.”
