A significant transfer has occurred in the cryptocurrency market. According to on-chain data, a wallet reportedly linked to Garrett Bullish deposited 166,000 ETH into Binance after approximately two months of inactivity. The transfer, worth approximately $395 million, has triggered selling pressure in the market and fueled speculation about possible strategic moves.
Garrett Jin, who emerged as the key figure behind the transfer, has a history that has resurfaced due to controversial events in the cryptocurrency sector. A 2008 graduate of Boston University’s Economics department, Jin began his career at China Construction Bank. In 2012, he founded Da Yo Trading, based in Hong Kong, and later served as Operations Director at Huobi (HTX) until 2015.
Garrett Jin, who moved to Frankfurt after 2015, became one of the co-founders of a platform operating in the field of health technologies. He left this role in 2017 and that same year became more closely associated with the cryptocurrency exchange BitForex, where he served as CEO until 2020.
BitForex, however, became the focus of serious controversy in the following period. The exchange was criticized for allegedly creating fake trading volume, and in early 2024, a private key leak resulted in the withdrawal of approximately $57 million in assets. Subsequently, the platform, which received a fraud warning from the Hong Kong SEC, ceased operations, and numerous users suffered asset losses.
*This is not investment advice.
