Garrett Jin, former CEO of BitForex, withdrew 35,001 ETH from Binance and routed it to Hyperliquid in September 2026, deepening a short position on Zcash (ZEC) that now stands at approximately 37,760 ZEC with a notional value of around $51 million. This short is currently underwater by more than $25 million in unrealized losses, with ZEC trading near $1,400 at the time of the trade and a liquidation threshold around $2,631, meaning ZEC would need to rally roughly 88% before forced liquidation is triggered. Jin’s trading history illustrates an aggressive directional approach: earlier in 2026, he closed a long ETH position with a realized loss of approximately $250 million, while previously generating profits from Bitcoin shorts and earlier ZEC short positions totaling over $11 million. Jin has stated that some of the funds tracked to his wallets belong to clients rather than himself personally, a distinction that on-chain data cannot make, though transaction patterns reveal an operational link between entities.
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