The founder of the defunct cryptocurrency exchange BitForex, Garrett Jin, has purchased roughly $9.05 million worth of HYPE tokens over the past four days, according to on-chain analytics firm Lookonchain. The acquisition involved 145,050 HYPE and was executed via multiple transactions. On-chain reports indicate Jin has also set up a Time-Weighted Average Price (TWAP) order to acquire an additional 39,940 HYPE, worth an estimated $2.44 million, as a strategy to minimize market impact and avoid price slippage. This move comes as BitForex’s 2023 collapse continues to leave users without access to their funds, sparking outrage over the founder’s access to significant capital.
In a separate but related development, a wallet linked to BitMEX co-founder Arthur Hayes withdrew 85,714 HYPE from the Bybit exchange, valued at approximately $5.37 million. The transaction was highlighted by on-chain tracker Onchain Lens and is widely interpreted as a signal of intent to hold for the long term, as large exchange withdrawals often reduce immediate selling pressure. Hayes has publicly supported the Hyperliquid ecosystem, and this withdrawal reinforces his bullish stance on the project’s Layer 1 decentralized exchange.
These combined moves, totaling over $14 million in HYPE token activity, have drawn attention to the token’s thin liquidity. HYPE’s price has experienced a slight uptick since the purchases began, though analysts warn that Jin’s pending TWAP order could command a significant share of circulating supply, injecting further volatility. For former BitForex users, the revelation that Jin can deploy millions while restitution remains unresolved has spurred calls for regulatory scrutiny. No charges have been filed against Jin, but the transparency of blockchain transactions keeps the saga in the public eye.
