Bitforex Founder Moves 577,896 ETH to Binance After 49% Drop
Garrett Jin, founder of collapsed exchange Bitforex, moved 577,896 ETH (about $1.35B) to Binance over four days after the position fell roughly 49%.
On-chain records show a wallet linked to Garrett Jin transferred 577,896 ether to Binance between May 8 and May 11, 2026. The final tranche was 225,627 ETH, worth about $528.2 million at current prices, bringing the four-day total to roughly $1.35 billion.
According to transaction data, Jin acquired the ETH about eight months earlier by swapping bitcoin when ether traded near $4,591. Ether is trading near $2,330 at present, meaning the position declined about 49% in ETH terms since the swap. The implied loss runs into the hundreds of millions of dollars; the exact dollar amount depends on the bitcoin price received in the swap and any fees paid.
Exchange records do not show whether Binance sold the deposited ETH, converted it, or left it in custody. Jin’s on-chain profile still holds about 9,343 BTC, valued at roughly $757 million at current market prices, indicating substantial remaining holdings despite the ETH drawdown.
Jin founded Bitforex, which collapsed in 2024. Since then he has been an active on-chain actor, with prior large transfers of bitcoin to exchanges in 2025 and 2026.
The transfers occurred during a period of net outflows from Ethereum-focused ETFs and broader institutional selling that have weighed on ether’s price. Over the past year, ETH has lagged bitcoin as some funds and large holders rebalanced portfolios.
Market participants and analysts will monitor Binance order books and exchange flow data to determine whether the deposits were used for spot sales, lending, custody or over-the-counter trades. Until exchange trade data is available, the full financial impact of the ETH transfers on Jin’s portfolio cannot be confirmed.
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