Crypto Investor Suffers Multi-Million Dollar Loss on Zcash, Transfers Large Sum to Binance
A high-profile crypto investor has taken significant actions after suffering losses on the altcoin Zcash (ZEC). Garrett Jin, who operates on Hyperliquid and Binance, closed a long position at a loss following a $35.44 million loss on his ZEC short.
Jin initially bet on a decline in ZEC's value, but the asset instead rallied. He then opened a 3,000 ZEC long position to try to capitalize on the rally, but this too ended in a net loss of approximately $79,000.
In total, Jin has recorded over $14.7 million in trading losses on Hyperliquid over the past four months, not solely due to his ZEC loss. However, it's worth noting that these losses are combined results from various trades.
A recent transfer of $147 million USDC from Hyperliquid to Binance suggests Jin may be shifting funds or taking a break from trading altogether. The exact intentions behind this move remain unclear.