A transaction on the Ethereum (ETH) network has attracted significant attention in the cryptocurrency market. According to on-chain data, a user exchanged approximately $50.4 million worth of USDT for only about $36,000 worth of AAVE, resulting in a loss of over $50 million.
The identity of the user who lost $50 million due to a major mistake has not been revealed, but it is believed to be Garrett Jin, a Bitcoin supporter.
According to the on-chain analytics platform Lookonchain, Bitcoin supporter Garrett Jin is suspected of making a mistake in a $50 million USDT swap.
According to Lookonchain, the anonymous investor who mistakenly swapped 50 million USDT for only 325 AAVE ($36,000) on the Cow Swap platform is suspected to be Garrett Jin, the founder of BitForex and a prominent Bitcoin supporter.
“The person who exchanged 50.43 million aEthUSDT for only 327 aEthAAVE ($36,000) might actually be Garrett Jin (BitcoinOG1011short)!”
Lookonchain reported identifying 13 wallets linked to the incident using on-chain tracking. Lookonchain found that one of these wallets matched a Binance deposit address belonging to Jin.
The firm stated that the timing coincided with Jin’s purchase of USDT and USDC following the sale of 261,000 ETH ($543 million) and 11,318 BTC ($761 million) on February 15 and 20, and that these sales coincided with the times when the relevant wallets withdrew stablecoins from Binance.
*This is not investment advice.
