BitcoinWorld BitForex Founder Garrett Jin Buys Back HYPE One Day After Selling $13.5 Million Stake Garrett Jin, the founder of the defunct and fraudulent cryptocurrency exchange BitForex, has
BitcoinWorld
BitForex Founder Garrett Jin Buys Back HYPE One Day After Selling $13.5 Million Stake
Garrett Jin, the founder of the defunct and fraudulent cryptocurrency exchange BitForex, has repurchased HYPE tokens just one day after selling a significant portion of his holdings, according to blockchain tracking firm Onchain Lens. Jin now holds 71,092 HYPE, valued at approximately $5.06 million, and has set a TWAP (Time-Weighted Average Price) order to acquire additional tokens.
Onchain Lens reported that Jin sold 184,102 HYPE on Wednesday for $13.54 million, realizing a profit of $2.83 million. The sale was executed at an average price significantly above his initial acquisition cost. However, within 24 hours, Jin reversed course and began buying back HYPE, accumulating the current position and signaling a potential shift in market sentiment or a strategic repositioning.
The use of a TWAP order suggests Jin intends to accumulate more HYPE gradually over time, possibly to avoid moving the market price with a single large purchase. TWAP orders are commonly used by large holders to minimize slippage and conceal their trading intentions.
BitForex was one of the more prominent cryptocurrency exchanges before its sudden shutdown in early 2024, when users lost access to their funds. The exchange was later revealed to have engaged in fraudulent activities, including the misappropriation of customer assets. Jin has been under investigation by multiple regulatory bodies, and the exchange’s collapse left thousands of investors with significant losses.
Jin’s continued trading activity in the HYPE market has drawn scrutiny from the crypto community, with many questioning how a founder of a collapsed exchange can still access and trade large sums of digital assets while victims remain uncompensated.
The rapid buy-sell activity by a figure with Jin’s controversial background raises questions about market manipulation and the integrity of the HYPE token ecosystem. While TWAP orders are a standard tool for large traders, the context of Jin’s history with BitForex adds a layer of reputational risk for HYPE holders.
Some analysts view Jin’s actions as an attempt to stabilize or influence the token’s price, while others see it as a personal trading strategy unrelated to any broader market manipulation. Regardless, the episode highlights the ongoing challenges in crypto markets regarding transparency and the activities of individuals with troubled histories.
Garrett Jin’s decision to repurchase HYPE tokens just one day after a major sale underscores the volatile and often opaque nature of high-stakes cryptocurrency trading. While the move may be purely strategic, it occurs against the backdrop of Jin’s legal troubles and the unresolved BitForex collapse, making it a closely watched event by regulators and investors alike. The use of a TWAP order for further purchases indicates that Jin intends to maintain a significant position in HYPE, at least in the near term.
Q1: Who is Garrett Jin?Garrett Jin is the founder of BitForex, a cryptocurrency exchange that collapsed in 2024 amid fraud allegations, leaving users unable to access their funds.
Q2: What is a TWAP order?A Time-Weighted Average Price (TWAP) order is a trading algorithm that breaks a large order into smaller chunks over a set period to minimize market impact and achieve a price close to the average market price.
Q3: Why does this matter to HYPE token holders?The involvement of a controversial figure like Jin in large-scale HYPE trading could affect the token’s price stability and raise concerns about potential market manipulation or insider activity.
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