He Lost $35 Million on This Altcoin: Reversing His Position Didn’t Help, and He Moved $147 Million to Binance!

Lookonchain reported that Garrett Jin withdrew 147 million USDC from Hyperliquid and transferred it to Binance. The transfer came after the investor closed a long position at a loss, following a $35.44 million loss on a Zcash (ZEC) short.

According to a post dated September 24, Jin recorded a total of $14.7 million in trading losses on Hyperliquid over the past four months. That figure does not refer solely to his ZEC loss, but to the combined results of various trades on the platform.

He bet on a decline, then lost when he switched to a rally

In the sequence of trades Lookonchain reported the previous day, Jin closed his 39.759,57 ZEC short position at a net loss of approximately $35.44 million. He then opened a 3.000 ZEC long position to try to catch the rally.

But the change in direction did not bring a profit either. According to the completed trades table, the long position was closed at a net loss of approximately $79,000. Thus, the large trade opened in expectation of a decline was followed by a second losing trade in the same asset, this time in expectation of a rally.

What does the 147 million USDC transfer show?

Lookonchain said Jin withdrew all 147 million USDC from Hyperliquid and deposited it on Binance. This means new funds were transferred to Binance; the source’s post does not say what trades will be made with this amount or whether Jin has stopped trading crypto altogether.

The trade table also includes other trades that closed at a profit alongside the ZEC losses. Therefore, the $35.44 million loss on a single trade should not be added to the $14.7 million total loss over four months. Likewise, the 147 million USDC transfer is not a loss amount, but a balance moved between platforms.