BitForex founder deposits $30M USDC into Hyperliquid

Garrett Jin, founder of the crypto exchange BitForex, has deposited 30 million USDC into Hyperliquid (HYPE), Lookonchain reported. The address currently holds a 5x leveraged long position on Bitcoin valued at approximately $39 million, with an unrealized loss of around $82,000. Jin, a prominent Bitcoin OG, founded BitForex, an exchange accused of fraud by Hong Kong authorities. He previously faced insider trading allegations in October of last year after entering a large short position just before a significant Bitcoin price drop.