BitForex founder-linked address sells $87.5M in ETH, adds margin to ZEC short

A wallet linked to BitForex founder Garrett Jin sold all 35,000 ETH, worth $87.5 million, at $2,500 per token after withdrawing the funds from Binance yesterday, according to EmberCN. Jin has faced allegations of profiting from insider trading ahead of last October’s record forced-liquidation event. EmberCN said the address added part of the sale proceeds as margin for a ZEC short position that is carrying about $30 million in unrealized losses. The move raised the position’s liquidation price to $4,738 from $2,631.