Kanav Kariya, President of Jump Crypto, has announced his immediate resignation, just four days after reports surfaced about a Commodity Futures Trading Commission (CFTC) investigation into the firm. Kariya, who began his career at Jump as an intern, made this announcement on his last day, marking a significant transition after his tenure with the company.

"Today marks the end of an incredible personal journey for me. It’s my last day at Jump, a moment I’m receiving with both a heavy heart and great excitement about the road ahead," Kariya said.

The CFTC investigation is part of a broader series of inquiries by regulatory bodies, including both the CFTC and the Securities and Exchange Commission (SEC), into Jump Crypto’s trading and investment activities. Since its founding in September 2021, Jump Crypto has become a significant player in the cryptocurrency industry, serving as a leading market maker and investor.

Kariya’s resignation has sparked speculation within the crypto community regarding the specifics and potential implications of the ongoing investigation. Despite stepping down, Kariya expressed his intent to remain involved with the companies he has been working with and to take time to reflect on his future.

"I plan to stay engaged with the portfolio companies I’ve been most involved with and hopefully take some time to process the unbelievably eventful few years we’ve had," Kariya said.

Kariya began his journey at Jump Trading as an intern and quickly rose through the ranks, becoming the first president of Jump Crypto in 2021 at the age of 25. While he did not disclose his future plans, he mentioned a desire to reconnect with friends and family and to catch up on reading.

Founded in 1999 by pit traders in Chicago, Jump Trading has made a significant impact on the crypto market since establishing its crypto trading arm, Jump Crypto, in 2021. The firm has been involved in various high-profile projects, including Pyth and the crypto bridge Wormhole. During Kariya’s leadership, Jump Crypto had to address several significant challenges, such as bailing out Wormhole after a $320 million hack and being implicated in the SEC’s lawsuit against Terraform Labs for its role in maintaining Terra’s peg during its collapse in 2021.