In an exclusive development in the blockchain sector, massive transfers have taken place recently. In this respect, a person has transferred 50.43M $aEthUSDT just for 327 $aEthAAVE (an $AAVE derivative).
As per the data from Arkham Intelligence, a reliable blockchain analytics firm, the respective person seems to be Garrett Jin, a Hong Kong-based crypto veteran. A striking sign in this respect is that the Binance deposit address of one of the wallets involved in this activity is the same as that of Garrett Jin’s.
Garrett Jin’s Gets Linked to Disproportionate 50.43M $aETHUSDT Transfer
The on-chain analysis points out that someone who has recently transacted up to 50.43M $aEthUSDT for 327 $aETHAAVE (almost $36K) appears to be Garrett Jin. Specifically, there were up to 13 wallets that received huge inflows of $USDC and $USDT from Binance on the 16th and 20th of February.
Subsequently, these wallets resumed activity, and one of the respective wallets and Garrett Jin’s wallet share the same Binance deposit address. The data reveals that Binance obtained diverse large deposits on the 20th of February, taking into account 166.633M $USDT that shifted from the wallet “0xAB6e” to the wallet “0x2E42.”
Another transfer was 50.433M $USDT that went to the wallet “0x98B9.” Interestingly, the wallet “0x98B9” swapped the whole 50.433M $aEthUSDT in return for 327.24 $aEthAAVE ($36k), triggering suspicion about the transfer because of disproportionate exchange.
$1.3B Transaction Fortifies Suspicion of Strategic Liquidation
Apart from that, the wallet “0xcaE1” transacted up to 2M $USDT to the Binance deposit address of Garrett Jin, strengthening the link. Additionally, on the 16th of February, Binance also transacted 50M $USDC to each of 0xBE9 and 0x315b, while sending 65M $USDC to the 0x1AC3 wallet. These fast transactions appear coordinated, suggesting a strategic extract pattern, likely to obfuscate the destination and origin of the funds.
As a part of this activity, Garrett Jin moved 11,318 $BTC (up to $761M) and 261,024 $ETH (almost $543M) to Binance-based deposit addresses on the 20th and 15th of February. These transfers align with the above-mentioned stablecoin withdrawals in terms of dates.
Keeping this in view, the mirrored transfer patterns across the aforementioned wallets, same deposit addresses, and coordinated timing hint at a single orchestrator. However, whether this move occurred as a strategic liquidation included in a wider scheme, or denotes an innovative development, is still unclear.
