Jump Crypto was one of the most active traders on Sam Bankman-Fried’s FTX and Do Kwon’s Terra/Luna/Anchor platforms. However, after losing at least $300 million after the collapse of FTX and untold civil ramifications for its role in Terra LUNA’s demise, Jump’s crypto heyday has passed.

It has liquidated various DeFi positions on platforms like Lido and is sending tens of millions of dollars in proceeds to centralized exchanges.

Jump is facing at least two class action lawsuits and a Commodity Futures Trading Commission (CFTC) investigation. Blockchain evidence from the weekend indicates that it might be trying to raise cash.

According to work sponsored by Bitget, researchers claim to have deanonymized wallets belonging to Jump that have redeemed over half a billion dollars worth of Lido’s wrapped staked ether (wstETH) and sent tens of millions of dollars to centralized exchanges.

Other rumors are circulating that Jump is shuttering its market-making business altogether. These are seconded by RealVision’s Raoul Pal.

Is Jump still a crypto market-maker?

Arkham also claims to have deanonymized wallets belonging to Jump. Its research claims that Jump’s crypto balances peaked at $9.6 billion in November 2021 and are now worth just $560 million. Worse, alpha exposure to crypto is even further limited to just 6% of this portfolio, with 94% in stablecoins USDC and USDT.

Another wallet that Jump Crypto might control has an additional $130 million worth of ether and ether derivatives.

Jump’s comedown is even more suspicious given that Kanav Kariya stepped down as president on June 24 and has not posted to X since.

Of course, as a sophisticated market participant and over-the-counter (OTC) dealer with access to listed and unlisted exotic derivatives, it’s impossible to determine Jump’s full portfolio using simple blockchain forensics as this cannot account for paper contracts or centralized exchange positions.

Read more: Jump Crypto’s shady backers could make things worse during CFTC probe

Jump’s legal woes continue

In the courts, Jump has several unresolved lawsuits. On June 6, Jump Trading LLC faced a setback in the US District Court for the Northern District of Illinois. A class action lawsuit led by Taewoo Kim won its request to deny a venue transfer and lawsuit consolidation request by the former president of Jump Trading’s crypto arm, Kanav Kariya.

That Illinois class action will proceed and is distinct from an additional class action lawsuit in California led by Nick Patterson. Both classes assert Racketeer Influenced and Corrupt Organizations Act (RICO) claims against Jump Crypto for counts of aiding and abetting, conspiracy, and unjust enrichment.

Last month, Fortune interviewed numerous sources and concluded that Kariya was, at least in part, a frontman. An anonymous whistleblower also claimed that behind the scenes, jump co-founder Bill DiSomma “was still pulling most of the strings at Jump Crypto.”

Fortune reported that court observers are watching dockets for signs of possible regulatory actions against Jump Trading or its crypto arm. The US Department of Justice mentioned Jump Crypto’s role in the 2021 Terra (UST) stablecoin de-peg.