Garrett Jin Sells All Crypto Assets Amid Market Crash

TLDR

• Jin lost around $250 million during the market crash.
• His Ethereum position peaked at over $700 million.
• No community or institutional reactions have been reported.

Garrett Jin, a former CEO of BitForex, reportedly sold all his cryptocurrency assets during a recent market crash. Known as the “Hyperunit whale,” this trader experienced significant losses, with liquidation resulting in approximately $250 million lost. His trading account on Hyperliquid now holds only $53.

Previously, Jin had accumulated about $200 million in profits through shorting Bitcoin (BTC) and Ethereum (ETH) during a previous downturn in October 2025. The downturn was triggered by U.S. tariffs on Chinese imports. Despite these past successes, Jin faces substantial losses in the current situation.

Analyzing the Liquidated Position in Ethereum

The on-chain data shows that Jin’s position in Ethereum peaked at over $700-730 million in notional value. The recent 10% price drop in ETH to approximately $2,400 led to the complete liquidation of this position. Arkham data confirms that the position is now fully closed.

This liquidation erased most of Jin’s earlier profits from shorting operations, which had included trades in BTC and Solana (SOL). The total exposure across these cryptocurrencies had exceeded $900 million at its height.

Prominent Past Trading and Speculations

In October 2025, Jin managed to profit $200 million from short positions surpassing $1 billion in BTC and ETH. Trade timing coincided with the tariff-induced crash, causing $18 billion in sector-wide liquidations. While his success raised suspicions of insider knowledge at the time, no evidence supported these claims.

Jin’s recent financial reversal emphasizes intrinsic risks tied to leveraging DEX perpetuals. Despite his significant losses, no impacts on BTC, SOL, or other altcoins are currently observed. The ETH position was the primary asset impacted.

Institutional and Community Reactions Absent

No direct statements from Jin, nor confirmations from Hyperliquid, have been observed. Additionally, primary sources such as Twitter, LinkedIn, or government portals remain silent regarding this event. Jin previously dismissed ownership of the mentioned funds, emphasizing “fund isn mine –’s my” in response to wallet connections.

While community and developer sentiments are missing from platforms like GitHub, Twitter, Reddit, Discord, or Telegram, no regulatory statements from authorities like the SEC or CFTC have been documented either. The industry observes Jin’s trading decisions closely, yet a formal statement or explanation is awaited.