BitForex Founder Garrett Jin Moves $85 Million of Ether to Hyperliquid Amid Focus on Zcash Short Defense
Summary
- Garrett Jin reportedly withdrew 35,001 Ether (ETH) from Binance and transferred it to Hyperliquid (DEX).
- The market is watching whether Jin could use the Ether to maintain a Zcash (ZEC) short position.
- Zcash (ZEC) surged nearly 13% from a day earlier, increasing the liquidation risk for investors holding short positions.
Forecast Trend Report by Period
BitForex founder Garrett Jin withdrew about $85 million of Ether from Binance and transferred it to global decentralized exchange Hyperliquid.
Lookonchain said on September 17 that Jin withdrew 35,001 Ether from Binance and deposited it into Hyperliquid later that day. The transfer was worth about $85 million at the time.
Market participants are watching whether Jin will use the Ether to maintain a short position in Zcash. Zcash surged nearly 13% from a day earlier on September 17, increasing the risk of liquidation for short sellers.
Jin, meanwhile, has faced allegations that he profited from insider trading during what was described as the largest crypto liquidation event on record in October last year.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul