Former BitForex CEO Garrett Jin has moved 35,001 ETH from Binance to the Hyperliquid platform to increase his short position on Zcash. The current position totals approximately 37,760 ZEC, with a notional value of $51 million.
The trade is currently showing unrealized losses exceeding $25 million. The liquidation threshold for the position is set at $2,631, which would require an 88% rally in the price of ZEC from the entry point.
Jin has a history of large-scale trading activity in 2026, including a deposit of 577,000 ETH to Binance in May and a closed long ETH position that resulted in a realized loss of approximately $250 million.
While his current ZEC trade is underwater, Jin previously recorded over $11 million in profits from earlier ZEC shorts and gained from a Bitcoin short in late 2025. Jin stated that some funds in his wallets belong to clients.
