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Jump Trading

Jump Trading Accused Of Crypto Price Manipulation In Lawsuit By FractureLabs

Ronaldo Marquez
by Ronaldo Marquez
10 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On Wednesday, video game developer FractureLabs filed a lawsuit against crypto market maker Jump Trading. The lawsuit, reported by Bloomberg, accuses Jump of “fraud and deceit” in connection with the manipulation of the price of the DIO token, which is an integral part of FractureLabs’ online game Decimated.

DIO Token Surge And Collapse

The complaint details that in 2021, FractureLabs intended to raise funds through an initial offering of the DIO token on the Huobi exchange, which has since been renamed HTX. As part of this project, FractureLabs engaged Jump Trading as a market maker for the DIO token. 

The arrangement involved the loan of 10 million DIO tokens to a subsidiary of Jump, alongside a separate transaction where FractureLabs sent 6 million DIO tokens to Huobi for sale during the offering.

Related Reading: Ripple CLO Predicts Timeline For SEC Appeal Resolution

As the initial offering unfolded, Huobi reportedly enlisted online influencers to promote the DIO token, causing its price to surge to a peak of $0.98 at the time. This spike significantly increased the value of the tokens borrowed by Jump, bringing their worth to $9.8 million. 

However, the situation took a sharp turn when, according to the lawsuit, Jump began to “systematically” liquidate its holdings of the DIO token. 

This selling pressure led to a drastic decline in the token’s price, which plummeted to around $0.005, allowing Jump to repurchase the tokens at a fraction of their earlier value—approximately $53,000—before returning them to FractureLabs and terminating its market-making agreement.

Jump Trading Accused Of  ‘Pump And Dump’ Scheme

FractureLabs’ lawsuit also alleges that Jump Trading concealed its intentions to use the initial public offering of DIO as an opportunity for a “pump and dump” scheme, in alleged collusion with the HTX exchange. 

Jump had allegedly assured FractureLabs that it would maintain the price of the DIO token within certain parameters required by Huobi for the listing. 

Yet, the video game developer claims that Jump Trading’s actions caused the token’s price to fall outside of these agreed parameters, resulting in HTX refusing to refund a significant portion of a $1.5 million deposit made by FractureLabs in Tether’s USDT stablecoin.

Related Reading: Survey: Trump Leads Harris By 18%, But His Token Project Tells A Different Story

In response to inquiries, HTX stated, “As this matter is now subject to ongoing litigation, and HTX is not named as a defendant, we are unable to comment further at this time.”

Jump Trading
The weekly chart shows DIO’s price collapse February 2022 and subsequent sideways price action. Source: DIOUSDT on TradingView.com

At the time of writing, the DIO token was trading at $0.014, representing a 171% price increase year-to-date.

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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