Dispute Arises Over Whale's Crypto Transfers
What happened
On-chain data showed Garrett Jin, former CEO of BitForex, transferring approximately $463 million in BTC and $243 million in ETH to Binance. While the large transfers sparked speculation of a major liquidation, some social media users labeled the interpretation as "FAKE NEWS," claiming the posts misframed routine transfers from his $3.1 billion portfolio.
Why it matters
- Garrett Jin was the CEO of BitForex from 2017 to 2020; the exchange collapsed in February 2024 after a ~$57 million outflow from its hot wallets, leading to a police investigation in China and a prolonged withdrawal freeze. - This whale is known for high-leverage, volatile trading, having reportedly lost $250 million on a leveraged Ether long position in early 2026 that nearly wiped out the account. - The recent ETH transfers were not sent directly to Binance, according to on-chain data; they were routed through intermediary addresses, including interactions with the Aave DeFi protocol, suggesting a multi-step transaction strategy. [20
Key numbers
- On-chain data showed Garrett Jin, former CEO of BitForex, transferring approximately $463 million in BTC and $243 million in ETH to Binance.
- While the large transfers sparked speculation of a major liquidation, some social media users labeled the interpretation as "FAKE NEWS," claiming the posts misframed routine transfers from his $3.1 billion portfolio.
- - Garrett Jin was the CEO of BitForex from 2017 to 2020; the exchange collapsed in February 2024 after a ~$57 million outflow from its hot wallets, leading to a police investigation in China and a prolonged withdrawal freeze.
- This whale is known for high-leverage, volatile trading, having reportedly lost $250 million on a leveraged Ether long position in early 2026 that nearly wiped out the account.
Quick answers
What happened in Dispute Arises Over Whale's Crypto Transfers?
On-chain data showed Garrett Jin, former CEO of BitForex, transferring approximately $463 million in BTC and $243 million in ETH to Binance. While the large transfers sparked speculation of a major liquidation, some social media users labeled the interpretation as "FAKE NEWS," claiming the posts misframed routine transfers from his $3.1 billion portfolio.
Why does Dispute Arises Over Whale's Crypto Transfers matter?
Garrett Jin was the CEO of BitForex from 2017 to 2020; the exchange collapsed in February 2024 after a ~$57 million outflow from its hot wallets, leading to a police investigation in China and a prolonged withdrawal freeze. This whale is known for high-leverage, volatile trading, having reportedly lost $250 million on a leveraged Ether long position in early 2026 that nearly wiped out the account. The recent ETH transfers were not sent directly to Binance, according to on-chain data; they were routed through intermediary addresses, including interactions with the Aave DeFi protocol, suggesting a multi-step transaction strategy. [20
