Kanav Kariya, president of Jump Crypto, is stepping down amid reports of a Commodity Futures Trading Commission (CFTC) investigation. Jump Crypto has faced several challenges this year, including a hack in February where 120,000 wrapped Ethereum tokens were fraudulently minted, costing the firm $321 million. In May, Jump Crypto was implicated in a lawsuit alleging price manipulation of Terra's UST stablecoin, from which the firm allegedly profited $1.3 billion. The scope of the CFTC investigation remains unclear but may involve these incidents. Kariya's departure is not an admission of guilt or wrongdoing.