BitForex founder-linked address deposits $526M in ETH to Binance

An address believed to belong to Garrett Jin, the founder of BitForex, deposited 225,627 ETH (approximately $526.59 million) to Binance last night, Onchain Lens reported. Over the past four days, the address has transferred a total of 577,896 ETH, valued at around $1.35 billion, to the exchange. The majority of these funds were acquired eight months ago when Jin swapped BTC for ETH at a price of $4,591 per token. Based on current prices, this trade is estimated to represent an unrealized loss of approximately $1.3 billion. Jin, a prominent Bitcoin OG, founded the fraudulent cryptocurrency exchange BitForex and faced insider trading allegations in October of last year after opening a large short position immediately before a significant drop in Bitcoin's price.