Crypto
BitForex Founder's $100M Bitcoin Bet Exposes Exchange Execs' Risky Trades
Garrett Jin, founder of BitForex, has opened a significant Bitcoin long position valued at approximately $100 million. According to blockchain intelligence firm Arkham, Jin entered this trade at an average price of $76,117 per Bitcoin and is currently facing an unrealized loss of around $16 million.
Jin has also paid roughly $1.2 million in funding fees, underscoring the high cost of maintaining such a leveraged trade.
This move comes amid ongoing scrutiny of Jin's involvement in trading activities linked to BitForex, which experienced the largest forced liquidation event in its history last October.