A whale wallet associated with Garrett Jin, the former CEO of BitForex, has initiated approximately $900 million in long positions across major cryptocurrencies. This information comes from the blockchain analytics platform Arkham Intelligence.
These positions include a substantial $733 million in Ethereum, along with additional exposure to Bitcoin and Solana. The trades were executed using leveraged derivatives on the Hyperliquid platform.
This development signifies the trader's return to aggressive positioning, occurring three months after they allegedly profited from a market crash in October 2025.
What Happened
Arkham Intelligence reported on Friday that the wallet increased its existing Ethereum long position by $66.2 million. This brought the total combined exposure across Ethereum, Bitcoin, and Solana to over $900 million.
Previously, the same wallet address had generated an estimated $190-200 million by shorting Bitcoin and Ethereum. This occurred less than an hour before President Donald Trump announced 100% tariffs on China on October 10, 2025.
The exceptionally well-timed short positions led to widespread allegations of insider trading. However, Garrett Jin categorically denied these claims on social media.
In October, Jin stated, "I have no connection with the Trump family," and asserted that the wallet belonged to a client.
Blockchain investigators initially linked the wallet to Jin through Ethereum Name Service data. This data revealed connections between the "ereignis.eth" and "garrettjin.eth" addresses.
Why It Matters
The newly established long positions represent a significant shift from the bearish bet made in October. This suggests a strong conviction that the current market momentum will continue, even in the face of macroeconomic challenges.
Jin's trades in October took place during the largest single-day liquidation event in cryptocurrency history. Globally, $19.13 billion was wiped out as Bitcoin briefly dipped below $102,000.
The precise timing of these trades—less than 60 minutes before Trump's tariff announcement—attracted intense scrutiny from prominent figures in the industry, including Binance co-founder Changpeng Zhao, who shared the allegations with his extensive following of 10 million users.
However, ZachXBT, a well-known blockchain investigator, proposed that the trades might have been executed by "a friend of Jin" rather than Jin himself.
BitForex, an exchange led by Jin from 2017 to 2020, collapsed in 2024. The exchange lost $57 million from its hot wallets amid fraud allegations from Hong Kong regulators.
The current $900 million positions are utilizing high leverage on Hyperliquid. This creates a substantial risk of liquidation if Bitcoin and Ethereum experience a reversal from their recent gains.