Bitforex Founder Opens $59.11M Bitcoin Long at 5x Leverage, Buys $2.33M HYPE

Garrett Jin, the founder of the now-defunct Bitforex, has returned to focus following a sequence of large-scale crypto transfers and the opening of a significant leveraged Bitcoin position.

On-chain data shows that Jin initially moved 39.5M USDC into Binance.

Soon after, the funds were processed through a newly created wallet (0x92ea), which withdrew 40M USDC from Binance and later directed 10M USDC to Hyperliquid, signaling a redistribution of capital across platforms.

Following these transactions, he established a 5x-leveraged long position on 504.4 BTC, valued at roughly $59.11M. The Bitcoin position has a liquidation level set at $62,656.49.

Additionally, he acquired 42,524 HYPE worth about $2.33M.

Source: Lookonchain