Jane Street $39.6B Revenue Beats JPMorgan, Faces Manipulation Claims

• Jane Street, with $39.6B in revenue, beats JPMorgan ($35.8B); SEBI alleges Bank Nifty manipulation; LUNA suit follows.
• Terraform pulled $150M from a liquidity pool; a linked wallet moved $85M in 10 mins via “Bryce’s Secret” chat.
• This raises fairness concerns in crypto and may lead to stricter compliance for retail liquidity providers.

Jane Street posted $39.6B in trading revenue for 2025, surpassing JPMorgan’s $35.8B with just 3,500 employees versus 316,000. The scale gap underscores one of the most extreme productivity divergences in modern finance. However, the record year now coincides with escalating regulatory scrutiny, including allegations of market manipulation in India and insider trading claims tied to the Terra-Luna collapse.

Jane Street Outperforms JPMorgan, Faces Lawsuits and Manipulation Claims

According to sources, in 2025, Jane Street posted a record $39.6B in trading revenue with only 3,500 employees, outperforming JPMorgan’s $35.8B from its 316,000 staff. Each Jane Street employee generated approximately $11M, a remarkable figure compared to the average American salary of $60,000. No legitimate trading firm in history has achieved such results.

Operating as a proprietary trading firm, Jane Street trades its own capital and dominates as a market maker. It frequently takes the opposite side of retail trades in ETFs and options. With 87% of its $662B portfolio in options, the firm profits from volatility while paying for order flow to gain early market insights.

However, this success came amid serious allegations. In India, SEBI accused Jane Street of manipulating bank stocks and index options across multiple expiry days, resulting in an impoundment of $567M. In the US, the Terraform Labs bankruptcy administrator filed an 83-page federal complaint alleging the firm used non-public information via a “Bryce’s Secret” group chat to front-run the LUNA collapse, avoiding $200 million in losses.

Terraform $150M Liquidity Pull, $85M Wallet Move Sparks Claims

At the center of the insider trading lawsuit involving Jane Street is a highly scrutinized 10-minute window on May 7, 2022. At approximately 5:44 p.m. EST, Terraform Labs quietly withdrew $150M in TerraUSD (UST) from the Curve 3pool, a key decentralized liquidity hub for the algorithmic stablecoin, without any public announcement. Less than 10 minutes later, a wallet linked to Jane Street withdrew $85M, the largest single withdrawal in the pool’s history. 

In a separate case, Jane Street also built a $1.3B position in SLV, a 500x increase within a single quarter, as silver rallied toward an all-time high of $121. The firm disclosed the position only after silver had declined by 50%, while its full options exposure remained opaque to the public.

Related: Jane Street Moves to Dismiss Terraform Insider Trading Lawsuit

What’s Next for Jane Street and Crypto Market Makers?

Notably, the immediate impact of the dual legal battles has already forced Jane Street into a defensive posture. The next 6–12 months could likely bring clarity. A quick dismissal of the Terraform suit would signal that U.S. courts are reluctant to hold sophisticated market makers liable for responding to publicly available blockchain data. An Indian appeal victory or settlement would reopen a lucrative market. 

Broader ripple effects are already being felt across the crypto market-making sector including, heightened regulatory focus on DeFi liquidity pulls, order-flow advantages, and back-channel communications is prompting peers to tighten internal compliance and, in some cases, reduce depth in volatile tokens to avoid similar legal exposure.  

For crypto market makers overall, these developments signal a new era of heightened oversight. Regulators will push for greater transparency in order flow, insider policies, and liquidity provision. This could force firms to adjust strategies, improve compliance, and reduce certain informational edges ultimately reshaping how high-frequency and proprietary trading operates in digital asset markets.

Related: India Moved on Jane Street Before Terraform’s Crypto Lawsuit