Binance receives $1.35B ETH deposit from Garrett Jin as crypto market rebounds
Crypto Briefing
Garrett Jin, founder of the collapsed BitForex exchange, deposited $1.35 billion in Ethereum into Binance, sparking concerns regarding potential market liquidation.Summary
Garrett Jin, the founder of the failed exchange BitForex, has transferred approximately 577,896 ETH, valued at $1.35 billion, to Binance. The move has prompted intense speculation within the crypto community, with analysts debating whether Jin intends to liquidate his holdings—which would create significant sell pressure—or if he is repositioning his assets for staking or other trading activities. While no sell orders have been confirmed, the scale of the transfer and Jin’s history with BitForex have heightened market sensitivity and regulatory scrutiny regarding supply dynamics.
(Source：Crypto Briefing)