A crypto whale linked by onchain analysts to former BitForex CEO Garrett Jin has reportedly lost around $128 million after a series of risky Ethereum trades wiped out massive earlier gains.
According to analytics firm Bubblemaps, the trader originally made huge profits during the October 10, 2025 market crash by placing massive short positions against Bitcoin and Ethereum before prices collapsed. Analysts estimate those trades generated close to $200 million in profits, making the whale one of the most talked-about traders on Hyperliquid.
But things changed after the trader shifted heavily into leveraged Ethereum longs. Bubblemaps said the account would have been sitting on more than $70 million in profit if it had simply avoided trading ETH. Instead, repeated high-risk bets on Ethereum reportedly caused losses exceeding $200 million.
One of the most damaging trades involved a highly leveraged ETH position worth more than $200 million using 50x leverage. The position was eventually liquidated after market volatility moved against the trader, adding to mounting losses. Analysts say several similar trades followed, creating a cycle of failed attempts to recover previous gains.
Despite the heavy losses, the wallet cluster linked to the trader remains active on Hyperliquid. Bubblemaps reported that a connected wallet recently bought around $10 million worth of HYPE tokens and opened a $38 million short position on privacy-focused cryptocurrency Zcash (ZEC).
The whale has continued making aggressive bets across Bitcoin, Ethereum, HYPE, and ZEC, drawing attention from traders who closely monitor large onchain movements for signs of market direction.
Analysts say the story highlights how even traders who make huge profits can quickly lose fortunes through excessive leverage and overconfidence. It also shows how a small number of large traders can heavily influence sentiment, liquidity, and volatility across crypto derivatives markets.
