Garrett Jin withdraws 35,001 ETH from Binance to fuel $51M ZEC short on Hyperliquid

Garrett Jin is not a man who quietly cuts his losses. The former CEO of BitForex pulled 35,001 ETH from Binance and routed it to Hyperliquid in September 2026, using the funds to deepen an already sizable short position on Zcash. The move is notable for two reasons: the scale, and the timing. ZEC had been climbing when Jin expanded his position, which now sits at roughly 37,760 ZEC with a notional value of around $51 million. A short position bleeding in real time Jin’s ZEC short is currently underwater by more than $25 million in unrealized losses, with ZEC trading near $1,400 at the time of the trade and his liquidation threshold sitting around $2,631. To put that spread in perspective: ZEC would need to rally roughly 88% from Jin’s entry zone before he gets forcibly liquidated. That’s a wide buffer, but $25 million in paper losses is not a comfortable place to be sitting. On-chain analysts have been watching Jin’s wallet movements closely for months. A deposit of roughly 577,000 ETH to Binance in May 2026 drew significant attention and flagged Jin as one of the largest individual movers on centralized exchanges this cycle. The current 35,001 ETH withdrawal is, by comparison, a s...