Invest ideasNews
5 Jun 2026, 03:10
BitForex Founder Garrett Jin Nets $13.5M Unrealized Profit on ZEC Short Amid Exchange Fraud Allegations
BitcoinWorld BitForex Founder Garrett Jin Nets $13.5M Unrealized Profit on ZEC Short Amid Exchange Fraud Allegations Garrett Jin, the founder of the now-defunct and fraud-accused cryptocurrency exchange BitForex, has accumulated over $13.5 million in unrealized profits from a leveraged short position on Zcash (ZEC), according to data from on-chain analytics firm Onchain Lens. The trade, executed on the decentralized exchange Hyperliquid (HYPE), comes as ZEC’s price dropped following the discovery of a bug in its Orchard Pool privacy protocol. Details of the Trade Onchain Lens reports that Jin opened a 3x leveraged short position on ZEC, betting that the token’s price would decline. The timing of the trade appears strategic, coinciding with a price slump triggered by the Orchard Pool vulnerability, which raised concerns about network security and user privacy. As of the latest data, the position is showing an unrealized profit of approximately $13.5 million, reflecting the sharp downward movement in ZEC’s market value. In a contrasting move, Jin also holds a 5x leveraged long position on Bitcoin (BTC). This trade, however, has not fared as well. The long position is currently underwater, showing an unrealized loss exceeding $17 million. The divergence in performance highlights the high-risk nature of leveraged trading, even for experienced market participants. Context: BitForex’s Collapse and Fraud Allegations Garrett Jin’s trading activities come against the backdrop of BitForex’s dramatic collapse. The exchange, once a prominent player in the crypto trading space, was accused of operating a fraudulent scheme that allegedly misappropriated user funds. Multiple regulatory bodies, including authorities in Hong Kong and Japan, have issued warnings and initiated investigations into the platform. The exchange’s withdrawal functions were frozen in early 2024, leaving thousands of users unable to access their assets. Jin’s current trading on Hyperliquid is notable because it demonstrates that despite the legal and reputational damage surrounding BitForex, he remains actively engaged in the cryptocurrency markets. The use of a decentralized exchange like Hyperliquid allows for trading without the need for a centralized intermediary, which may offer a degree of anonymity and resistance to asset seizure. Market Implications and Reader Takeaways This story underscores several critical themes for cryptocurrency investors and observers: – **Risk of Leverage**: The stark contrast between Jin’s profitable ZEC short and his losing BTC long illustrates the extreme volatility and risk inherent in leveraged trading. A single wrong bet can wipe out gains and lead to substantial losses. – **Exchange Failures**: The BitForex case serves as a cautionary tale about the risks of storing funds on centralized exchanges. Users are reminded to exercise due diligence and consider self-custody of their assets. – **On-Chain Transparency**: The ability of on-chain analytics firms to track the trading activities of known individuals, even on decentralized platforms, demonstrates the growing transparency of the blockchain. This can be a powerful tool for accountability. – **Privacy Coin Vulnerabilities**: The Orchard Pool bug in Zcash highlights the ongoing technical challenges faced by privacy-focused cryptocurrencies. Such vulnerabilities can have immediate and significant impacts on market prices. Conclusion Garrett Jin’s $13.5 million unrealized profit from a ZEC short position, set against his substantial BTC long losses, paints a picture of a high-stakes trader navigating a turbulent market. While the financial outcome of these positions remains uncertain, the story provides a real-time example of leveraged trading dynamics and the enduring consequences of the BitForex scandal. For the broader crypto community, it serves as a reminder of the importance of risk management, platform security, and the value of on-chain transparency. FAQs Q1: Who is Garrett Jin? Garrett Jin is the founder of BitForex, a cryptocurrency exchange that collapsed in 2024 amid allegations of fraud and the misappropriation of user funds. He is currently under investigation by multiple regulatory bodies. Q2: What is a short position? A short position is a trading strategy where an investor borrows an asset and sells it, hoping to buy it back later at a lower price to profit from a price decline. It is the opposite of a long position, where the investor profits from a price increase. Q3: What is Hyperliquid (HYPE)? Hyperliquid is a decentralized exchange (DEX) built on the Ethereum layer-2 network, Arbitrum. It offers spot and perpetual futures trading with high leverage, allowing users to trade without a centralized intermediary. This post BitForex Founder Garrett Jin Nets $13.5M Unrealized Profit on ZEC Short Amid Exchange Fraud Allegations first appeared on BitcoinWorld .
5 Jun 2026, 03:00
XRP Whales Have Stopped Selling On Binance, But Why Is Price Crashing?
New reports reveal that XRP whales are withdrawing from Binance, the world’s largest crypto exchange, in massive numbers. As a result, sell-offs on the platform have largely stopped, with whales moving most of their tokens into private wallets. With these large investors now controlling a significant portion of daily outflows, supply on exchanges is shrinking fast , a trend that normally supports price. However, despite the bullish trend, the altcoin is still crashing, struggling to regain momentum or reclaim key upper levels, as broader market weakness continues to weigh on its price . XRP Price Declines As Whales Exit Binance Crypto market analyst Pumpius revealed in an X post that XRP whale activity on Binance has dropped to near-zero levels. Sharing an outflow chart from CryptoQuant, the analyst noted that these large-scale investors have effectively stopped dumping the token and may be shifting their stance to holdings rather than trading. Crypto community members suggest the previous outflows could be linked to rumors that Binance froze XRP trading activity , effectively restricting the asset’s market movement. There is also speculation that Binance may have partially suspended the XRP network on its platform. In possible retaliation, some investors and traders appear to be withdrawing their assets amid uncertainty. Pumpius added that the last time XRP outflows on Binance dried up to this extent, it preceded a major price rally in 2025. At the time, the altcoin surged from $0.40 to $3.20, representing a more than 700% gain. As a result, the analyst suggests that a new accumulation phase could be forming, raising the possibility of another legendary bull run , with 2025’s rally acting as the blueprint. Despite an optimistic outlook and the absence of whale dumps, its price continues to decline . The cryptocurrency remains under heavy bearish pressure, crippled by weak market structure and bearish sentiment. Data from CoinMarketCap confirms that the price has fallen more than 10% in the past 24 hours, slipping from above $1.20 to $1.15 at the time of writing. CoinMarketCap attributes the sharp decline to a wave of liquidations in the derivatives market , which wiped out over $25 million in leveraged long positions and triggered further selling. In addition, Bitcoin’s drop below $63,000 and rising US–Iran geopolitical tensions have also contributed to broader market weakness, dragging XRP lower. Its Price Still Faces Mounting Pressure From Sellers A crypto market experts known as ‘That Martini Guy B’ stated on X that XRP is still under heavy selling pressure. Over the past few months, the cryptocurrency has been trading between $1.30 and $1.40. However, this week the altcoin broke key support levels, falling below $1.20 and hitting its lowest price of the year. The analyst noted that even as whales move XRP off crypto exchanges to reduce immediate selling, broader market pressure shows no signs of easing. This persistent bearish momentum suggests that XRP could face further declines in the near term, with the next key support levels likely to be tested if the downtrend continues.
5 Jun 2026, 02:35
Bithumb to Suspend POKT Deposits and Withdrawals on June 9 for Network Upgrade
BitcoinWorld Bithumb to Suspend POKT Deposits and Withdrawals on June 9 for Network Upgrade South Korean cryptocurrency exchange Bithumb has announced a temporary suspension of deposits and withdrawals for Pocket Network (POKT), effective June 9 at 10:00 a.m. UTC. The move is intended to support an upcoming network upgrade, according to an official statement from the exchange. Details of the Suspension Bithumb confirmed that the halt will apply to all POKT transactions on its platform, with the suspension beginning at the specified time on June 9. The exchange advised users to complete any pending deposits or withdrawals before the deadline to avoid delays. The suspension is expected to remain in effect until the network upgrade is completed and stability is confirmed. Bithumb has not yet provided a specific timeline for resumption, stating that further announcements will be made once the upgrade process is finalized. Understanding the Pocket Network Upgrade Pocket Network is a decentralized blockchain protocol designed to provide reliable and cost-effective infrastructure for Web3 applications. Network upgrades are routine events that introduce improvements in security, scalability, or functionality. During such upgrades, exchanges like Bithumb temporarily suspend token transactions to prevent errors, lost funds, or network inconsistencies. This is a standard industry practice observed across major trading platforms. What This Means for POKT Traders For traders holding POKT on Bithumb, the suspension means they will be unable to move tokens into or out of the exchange during the upgrade window. This could affect trading strategies, particularly for those who rely on quick arbitrage or transfers between exchanges. However, trading of POKT pairs on Bithumb is expected to continue as normal, unless otherwise specified. Users should monitor Bithumb’s official announcements for updates on the resumption of services. Conclusion Bithumb’s decision to suspend POKT deposits and withdrawals on June 9 is a precautionary measure to ensure a smooth network upgrade. While temporary, such suspensions are common in the cryptocurrency industry and reflect standard operational procedures. Traders are advised to plan accordingly and stay informed through official channels. FAQs Q1: Why is Bithumb suspending POKT deposits and withdrawals? Bithumb is suspending POKT transactions to support an upcoming network upgrade on Pocket Network. This prevents potential errors or lost funds during the upgrade process. Q2: When will the suspension start and how long will it last? The suspension begins on June 9 at 10:00 a.m. UTC. Bithumb has not announced a specific end time; services will resume once the upgrade is complete and network stability is confirmed. Q3: Can I still trade POKT on Bithumb during the suspension? Bithumb has indicated that trading of POKT pairs may continue as normal, but deposits and withdrawals will be unavailable. Users should verify the latest status on the exchange’s platform. This post Bithumb to Suspend POKT Deposits and Withdrawals on June 9 for Network Upgrade first appeared on BitcoinWorld .
5 Jun 2026, 02:30
Bitcoin Price Pain Isn’t Over Yet As Selling Pressure Persists
Bitcoin price started a fresh decline below the $65,000 zone. BTC is showing bearish signs and might continue to move down if it dips below $62,000. Bitcoin failed to stay above $65,500 and extended losses. The price is trading below $64,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance near $63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the $65,000 and $65,500 levels. Bitcoin Price Extends Losses Bitcoin price failed to stay above the $66,500 support zone . BTC remained in a bearish zone and extended losses below the $65,000 level. There was a move below the $64,000 level. The price even dipped below $62,500. A low was formed at $61,255 and the price is still showing many bearish signs. It is below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $61,255 low. Bitcoin is now trading below $64,000 and the 100 hourly simple moving average. If the price remains stable above $61,200, it could attempt a fresh increase. Immediate resistance is near the $63,200 level. There is also a bearish trend line forming with resistance near $63,200 on the hourly chart of the BTC/USD pair. The first key resistance is near the $64,000 level. A close above the $64,000 resistance might send the price further higher. In the stated case, the price could rise and test the $65,500 resistance. Any more gains might send the price toward the $65,500 level. The next barrier for the bulls could be $67,650 or the 50% Fib retracement level of the downward move from the $74,070 swing high to the $61,255 low. More Losses In BTC? If Bitcoin fails to rise above the $64,000 resistance zone, it could start another decline. Immediate support is near the $62,000 level. The first major support is near the $61,200 level. The next support is now near the $60,800 zone. Any more losses might send the price toward the $60,200 support in the near term. The main support now sits at $60,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $62,000, followed by $61,200. Major Resistance Levels – $64,000 and $65,500.
5 Jun 2026, 02:20
Ethereum funding rate flattens to near zero as traders pull back leverage
On June 4, Ether’s 8-hour network-wide average funding rate was only 0.0028%, according to CoinGlass. This low rate suggests traders were not very sure about the market’s direction. Usually, higher leverage shows that traders have more confidence in how an asset will move. This average considers all major exchanges, but the figures differ significantly from one platform to another. For instance, Binance had 0.0047%, OKX 0.003%, and Gate 0.0052%. Bybit surprisingly showed -0.0013%, according to ChainCatcher. These variations matter because they show there are no coordinated directional bets. Instead, it shows more fragmentation when funding rates are negative on one exchange and positive on others. How Ethereum funding rates reflect market sentiment and leverage demand Perpetual futures contracts do not have an expiry date. To prevent their price from drifting far from the spot price, exchanges use funding payments that transfer value between long and short holders at regular intervals (usually every eight hours). If the funding rate is positive, those with long positions pay those with short positions, and when it’s negative, the shorts pay up instead. According to CoinMarketCap’s glossary, this setup “incentivizes people to open a position on the less popular side, hence driving the price toward the spot price.” At a funding rate of 0.0028% per eight-hour window, that’s around 0.0084% daily, or about 3% annualized. This means the cost for holding leveraged long exposure on Ethereum isn’t much. According to CoinGlass, when the funding rate is near zero, it means there’s equal demand for both long and short positions in perpetual markets. Why ETH funding rates matter beyond crypto derivatives markets High funding rates in crypto markets impact everyone, not just professional traders. When they’re very positive, it gets expensive to hold leveraged long positions, dampening speculators’ interest in buying ETH. If rates surge, major sell-offs occur, causing wider price fluctuations and dragging down connected assets as well. At the current level, the risks aren’t huge. Bitget shows that at around 0.0035% rate, there was only a mild bias towards long positions, with no extreme beliefs. The current rate of 0.0028% is even milder and closer to neutral. The exchange-level disparity adds a layer of complexity for institutional participants and arbitrage desks. A negative rate on Bybit alongside positive rates elsewhere creates what CoinGlass describes as “cross-exchange differences” that can generate “carry or arbitrage opportunities.” Capital flowing to exploit those gaps affects the liquidity distribution across global trading venues. What ETH traders should monitor beyond funding rates A single eight-hour snapshot carries limited predictive weight. As CoinEx Academy says, the funding rate is just a “sentiment and positioning proxy,” not a standalone price predictor. Also, they note that positive funding can last for weeks during strong uptrends without sparking a reversal. Trajectory matters more here. When funding goes up, and open interest grows over time, it means new leveraged longs are jumping in. That increases the number of positions at risk if prices fall. When funding falls toward zero alongside declining open interest, existing positions are closing and the market is resetting. According to ChainCatcher, ETH open interest dropped 5.06% in the past 24 hours, hinting at unwinding rather than setting up fresh positions. With funding nearly flat, this looks like a derivatives market waiting to see what happens next. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
5 Jun 2026, 02:00
Ethereum Funding Rates On Binance Jumps To The Highest Level Of 2026
Ongoing volatility has overshadowed the Ethereum markets , which has caused its price to drop back to the $1,700 threshold. Despite the heightened bearish pressure around the leading altcoin, funding rates on crypto exchanges have started to experience a sudden uptick, reaching new highs. Binance Ethereum Funding Rates At A 2026 High The Ethereum market may be struggling with growing volatility, but its derivatives traders seem to be displaying a renewed wave of optimism toward the asset. Specifically, this renewed optimistic behavior is observed across its funding rates on cryptocurrency exchanges, especially Binance, the largest trading platform in the world. CryptoQuant, an on-chain data analytics platform, shared on X that ETH funding rates on Binance have climbed 0.00087, marking their highest level since the start of 2026. High funding rates are usually a sign of rising positive optimism among leveraged market participants, with long-position demand exceeding short interest. With the index hitting roughly 0.0087, the current value of Ethereum’s funding rate on Binance shows a notable increase in long holdings inside the perpetual contracts market. This reading reflects a notable rise in traders’ reliance on leverage to open long positions in spite of persistent selling pressure in the cryptocurrency market. According to Arab Chain, the rise in funding rates to new highs indicates that many traders are expecting a near-term price rebound, pushing them to increasingly enter long positions. However, this renewed optimism is coinciding with BTC’s continued decline and the overall weakness across the market. As they collide, this development has created a discrepancy between price action and trader behavior in the derivatives market. High Risk Appetite Is A Trigger For Positive Funding Rates Data indicates that high positive funding rates often emerge when risk appetite rises rapidly, particularly following a sharp decline, with traders attempting to capitalize on market bottoms using leverage. Meanwhile, long liquidations may become more likely as a result of Bitcoin’s ongoing slide in light of high funding levels, particularly if the price does not significantly climb in the near future. In addition, high finding levels during a weak market may suggest that the market is overcrowded with long positions. Such a trend implies that any further decline in BTC could cause traders to close their positions, potentially exacerbating volatility and applying downward pressure on Ethereum and other altcoins . Arab Chain stated that investors usually considered these high funding levels as an indicator of increased short-term risk. Nonetheless, this is common when optimism is not supported by a clear improvement in BTC’s price trend and the broader market. The sharp increase in funding rates coincides with traders keeping a careful eye on Ethereum’s capacity to maintain momentum in the face of shifting market conditions. At the time of writing, ETH’s price was trading at $1,787, showing a nearly 5% drop over the past day.
