BitForex Founder's $4M BTC Bet Amid Insider Trading Allegations
Garrett Jin, the founder of cryptocurrency exchange BitForex, has taken out a massive bet on Bitcoin. According to data from Hyperbot, Jin's 3x leveraged long position in BTC is currently showing an unrealized gain exceeding $4 million. This comes just two days after he added a 600 BTC long at approximately $79,000.
The position has been amplified by recent upward price movement in Bitcoin. However, the use of leverage means that both gains and losses are magnified threefold. If the market moves against Jin, his position could be liquidated quickly, wiping out his profits. The 3x leverage also highlights the risks involved with leveraged trading.
In contrast to his BTC long, Jin's short position in Zcash (ZEC) is showing an unrealized loss of over $11.5 million. This mixed outcome underscores the importance of careful risk management when using leverage.