"A wallet attributed to Garrett Jin completed the transfer of its entire ether holdings to Binance on Sunday. The final batch was 225,627 ETH, worth approximately $528.19 million at current prices, bringing the total deposit over four days to 577,896 ETH, or roughly $1.35 billion. The transfer closes the book on what appears to be a costly trade given Jin swapped his bitcoin holdings for ETH approximately eight months ago, when ether was changing hands at $4,591 per coin."
"Onchain data showing Garrett Jin's remaining 225,627 ETH being deposited into Binance. The transfer closes the book on what appears to be a costly trade given Jin swapped his bitcoin holdings for ETH approximately eight months ago, when ether was changing hands at $4,591 per coin. ETH is currently trading around $2,330, meaning the position has lost roughly 49% of its value in ETH terms since acquisition. The implied loss runs into the hundreds of millions of dollars, though the exact figures depend on the original price Jin received for his bitcoin and any fees incurred across the swap."
"Onchain data shows Jin still holds approximately 9,343 BTC, worth roughly $757 million at current prices, suggesting the full portfolio remains substantial despite the ETH position's underperformance. Garrett Jin is best known as the founder of Bitforex, a cryptocurrency exchange that collapsed in 2024. Despite his exchange's fall from grac"
A wallet attributed to Garrett Jin transferred its entire ether holdings to Binance over four days ending May 11, 2026. The total deposit was 577,896 ETH, valued at about $1.35 billion at current prices, with the final batch of 225,627 ETH worth about $528.19 million. The ETH position was acquired about eight months earlier by swapping bitcoin for ETH when ETH traded around $4,591. ETH is now around $2,330, implying the position has lost roughly 49% since acquisition. Jin still holds about 9,343 BTC worth roughly $757 million, indicating remaining portfolio value despite the ETH drawdown. The transfers close out the ETH position associated with the earlier swap.
Read at news.bitcoin.com
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