BitForex Founder Opens $100M Bitcoin Long Amid Insider Trading Allegations

Garrett Jin, the founder of cryptocurrency exchange BitForex, has opened a substantial Bitcoin long position valued at approximately $100 million, according to blockchain intelligence firm Arkham. The position was entered at an average price of $76,117 per Bitcoin and is currently facing an unrealized loss of around $16 million. Jin has also paid roughly $1.2 million in funding fees, underscoring the high cost of maintaining such a leveraged trade.

Background: Insider Trading Accusations

The move comes amid ongoing scrutiny of Jin’s involvement in trading activities linked to BitForex. Last October, the exchange experienced the largest forced liquidation event in its history, and Jin has been accused of profiting from insider trading ahead of that event. While these allegations have not been proven in court, they have raised questions about the conduct of exchange executives and the integrity of trading platforms.

Arkham’s on-chain data provides a rare public glimpse into the wallet activity of a prominent figure in the crypto space. The data reveals that Jin’s long position is sizable, but it also highlights the risks associated with high-leverage trading, especially in a volatile market environment.