BitForex Founder Garrett Jin Transfers $85 Million in Ether to Hyperliquid Amid Zcash Price Surge

BitForex founder Garrett Jin has moved $85 million in Ether to Hyperliquid, sparking market attention as investors watch whether he will use the funds to maintain a short position in Zcash.

The transfer occurred on September 17 when Jin withdrew 35,001 Ether from Binance and deposited it into Hyperliquid later that day. At the time of the transfer, the value was approximately $85 million.

Zcash had surged nearly 13% from a day earlier on September 17, increasing the risk of liquidation for short sellers who may have held positions against the cryptocurrency.

Jin has faced allegations of insider trading following last year's largest crypto liquidation event on record in October.