Binance Receives $1.35B ETH From BitForex Founder Jin

TLDR

• Garrett Jin transferred 577,896 ETH worth about $1.35B, to Binance over four consecutive days.
• The final transaction included 225,627 ETH valued at $528 million.
• Blockchain data shows no confirmed sell orders linked to the deposits on Binance.
• Jin converted a large Bitcoin position into Ethereum eight months ago at $4,591 per coin.
• Current prices place that Ethereum position at an estimated $1.3B unrealized loss.

Garrett Jin moved 577,896 ETH to Binance over four days ending May 11, totaling about $1.35B. The transfers concluded with 225,627 ETH worth $528 million. The activity occurred as the Ethereum price recovered and trading volumes improved.

Binance Records Large Ethereum Inflows From Garrett Jin

Garrett Jin completed multiple Ethereum transfers to Binance within four consecutive days. Blockchain data shows he deposited 577,896 ETH in total. The final transaction alone carried 225,627 ETH valued at $528 million.

Market trackers confirmed that no linked sell orders have appeared on Binance so far. Analysts shared two interpretations of the transfers. One analyst said, “The deposits could indicate preparation for liquidity rather than immediate liquidation.”

Jin founded the collapsed crypto exchange BitForex. Therefore, his large on-chain movements have drawn attention from market observers. However, Binance has not issued any public statement regarding the deposits.

Ethereum traded near recovery levels during the transfer period. As prices stabilized, large holders adjusted positions across exchanges. Binance processed the incoming ETH without reporting disruptions.

Ethereum Trade History and Market Context

Eight months ago, Jin converted a large Bitcoin position into Ethereum. He purchased ETH at $4,591 per coin during that trade. Current prices place that position at an estimated $1.3B unrealized loss.

Blockchain analysts continue to monitor the deposited ETH balances. They track whether the funds remain on Binance wallets or move elsewhere. One tracker stated, “Exchange inflows alone do not confirm selling activity.”

The Ethereum Foundation also executed a large ETH transaction recently. On April 26, it sold 100,000 ETH at $2,337 per coin. That transaction renewed discussions about supply distribution.

Jin’s current holdings on Binance represent a sizable share of daily ETH trading volume. However, market data shows no confirmed liquidation from his wallets. Observers now watch exchange outflow metrics for further signals.

Binance remains one of the largest crypto trading platforms by volume. Its liquidity often attracts large asset transfers during price rebounds. The deposited ETH has not yet moved into visible staking contracts.

Regulatory scrutiny often follows large transfers linked to the founders of failed exchanges. Jin’s prior role at BitForex has intensified public focus on these movements. Still, no authority has announced any action related to the deposits.

Ethereum continues to trade actively across major exchanges. Binance order books have not reflected unusual ETH price swings tied to these transfers. On-chain records remain the primary source of verified information regarding Jin’s holdings.

The four-day transfer period ended May 11. At that time, the cumulative value reached approximately $1.35B. As of the latest blockchain data, the ETH remains on Binance-controlled addresses.

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