BitForex Founder’s $97M Bitcoin Long Position Swings to Profit After Three Months

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BitForex Founder’s $97M Bitcoin Long Position Swings to Profit After Three Months

Garrett Jin, the founder of the now-defunct cryptocurrency exchange BitForex, has seen his substantial Bitcoin long position turn profitable after more than three months of holding. According to blockchain analytics platform Lookonchain, Jin’s position, which consists of 1,268 BTC valued at approximately $97 million, has moved into unrealized gains of over $500,000. This marks a significant turnaround from earlier this year when the same position was underwater by more than $22 million.

Background and Context

BitForex, once a prominent exchange in the crypto space, was shut down amid allegations of fraud and mismanagement. The exchange’s collapse left many users unable to withdraw their funds, leading to regulatory scrutiny and legal actions. Garrett Jin, as the founder, has been a central figure in these proceedings, and his personal trading activities have drawn attention from the crypto community and investigators alike.

The 1,268 BTC position, opened in early 2024, was initially a bullish bet on Bitcoin’s price appreciation. However, market volatility in the first quarter pushed the position deep into loss territory, with unrealized losses peaking at $22 million. Despite the adverse price action, Jin held the position, a decision that has now been vindicated by Bitcoin’s recent rally.