Garrett Jin, the founder of the defunct and fraud-accused cryptocurrency exchange BitForex, has executed a series of high-stakes trades across decentralized platforms. On-chain data from Lookonchain shows that on May 21, Jin deposited $30 million in USDC into the Hyperliquid (HYPE) platform and opened a 5x leveraged long position on Bitcoin (BTC) worth $39 million, which currently holds an unrealized loss of about $82,000.
Only a day later, another report revealed that Jin placed a $36 million limit order to short Zcash (ZEC), alongside a separate buy order for HYPE tokens. The ZEC short order, representing a significant portion of Zcash’s typical $100 million daily volume, immediately sparked concerns about possible market manipulation, given Jin’s controversial history.
Jin is a well-known Bitcoin OG whose exchange BitForex collapsed in 2024 after a $57 million exit scam. Users lost access to funds, and management vanished. Hong Kong authorities and other jurisdictions have been investigating the exchange, and Jin’s whereabouts remain unknown. In October 2024, he faced insider trading allegations after a large Bitcoin short position preceded a major price drop; no formal charges were filed.
These new trades not only underscore the continued flow of large capital into leveraged crypto positions but also highlight the role of decentralized perpetual exchanges like Hyperliquid in high-stakes trading. Market observers worry that Jin’s activity could introduce artificial pressure on ZEC and HYPE prices. For ZEC, a short squeeze might occur if the position is quickly covered, while the long on BTC signals enduring conviction in the largest cryptocurrency despite volatility and regulatory shadows.
The trades arrive as multiple regulators still investigate the BitForex collapse, and any use of misappropriated user funds could constitute additional criminal offenses.
