Chinese Investor Sees Zcash Holdings Surge to Over $320 Million

A significant movement in Zcash ($ZEC) has caught attention due to a large purchase made by a Chinese investor, identified as Garret Jin. According to on-chain data, Jin withdrew approximately $88.3 million worth of $ZEC from Binance and the Zcash network on December 24th last year. The funds were transferred in two transactions: 68,080 $ZEC valued at $29.7 million, and 134,000 $ZEC worth $58.6 million.

Following these withdrawals, Jin moved all of the $ZEC to shielded addresses using Zcash's privacy feature. However, the assets were quickly returned to transparent addresses within minutes, with all 202,080 $ZEC remaining under Jin's control.

The current value of Jin's $ZEC holdings is approximately $320 million, indicating a gain of around $232 million in dollar terms since the initial purchase. Notably, Jin also holds a short position on Hyperliquid of about $60 million, which could be seen as a partial hedge against his larger spot $ZEC investments.