Two dramatic trading events unfolded on June 17, 2026, exposing the high risks and opaque maneuvers within cryptocurrency markets.
Jeffrey Huang’s Ethereum Liquidation: Taiwanese singer and entrepreneur Jeffrey Huang, widely known as Machi Big Brother, has closed the vast majority of his 25x leveraged long position on Ethereum (ETH). Onchain Lens reports that Huang now retains only a 5x long position of 2,900 ETH, with unrealized losses exceeding $35 million. His cumulative losses from ETH trading have ballooned past $79.87 million, underscoring the severe perils of extreme leverage. The unwinding comes amid volatile price swings, and while such a large liquidation can trigger short-term selling pressure, Huang’s reduced exposure mitigates the threat of further forced selling.
Garrett Jin’s HYPE Reversal: In a separate incident, Garrett Jin—founder of the collapsed and fraudulent exchange BitForex—sold 184,102 HYPE tokens for $13.54 million on Wednesday, netting a $2.83 million profit. Within 24 hours, Jin reversed course, buying back 71,092 HYPE (worth approximately $5.06 million) and placing a TWAP (Time-Weighted Average Price) order to accumulate more. The swift pivot has ignited scrutiny because BitForex imploded in early 2024 amid fraud allegations, leaving users unable to recover funds. Jin’s continued large-scale trading while victims remain uncompensated has raised concerns about market manipulation and the integrity of the HYPE token ecosystem.
Both episodes serve as cautionary tales—Huang’s leveraged blow-up highlights the necessity of disciplined risk management, while Jin’s maneuvers spotlight the transparency challenges that persist in crypto markets.
