Once a dominant force in crypto high-frequency trading, Jump Crypto has emerged from the shadows with a bold new identity—infrastructure builder. After weathering storms from Terra's collapse to FTX's implosion, the firm is now betting big on decentralized protocols and policy advocacy. As a crypto analyst who's seen it all, I unpack their $1.23B SEC settlement, 3.25B wormhole hack bailout, and why their "builders not traders" pivot might just work. Spoiler: It involves more Solana ghosts than you'd expect.