How Jump helped US Robinhood users trade offshore at FTX
Michael Lewis’ new book Going Infinite revealed that Jump Trading is one of the largest losers in the FTX collapse, apparently giving up almost $300 million. Among the Jump-related entities mentioned is Tai Mo Shan Limited, which used to be one of Robinhood ’s largest market makers. In the second quarter of 2021, 29% of its total revenue came from transactions with Tai Mo Shan. In its role at Robinhood , Tai Mo Shan was one of the market makers responsible for fulfilling user Crypto currency trades. Robinhood would direct user orders to Jump Trading , which would then supply the required Crypto currency or money, and Coinbase Custody was responsible for providing custody services to Robinhood . Tai Mo Shan, as well as Jump, was deeply entangled with FTX, losing hundreds of millions of dollars in the collapse of the exchange . The relationship between Jump and Robinhood appears to have ended in 2022. Jump Crypto forced to save Solana with $320M bailout of its own comp...