Garrett Jin, formerly CEO of BitForex, has publicly warned of a prolonged economic downturn, forecasting what he described as a “long winter” for multiple sectors. The prediction, reported by Foresight News, comes amid increasing scrutiny of Jin’s recent financial activity.
Jin’s assessment arrives as he is linked to the liquidation of a substantial cryptocurrency position. According to reports from The Block, an entity suspected to be controlled by Jin – identified through ENS domains as “ereignis” – recently exited its entire Ethereum (ETH) holding for approximately $250 million, leaving a remaining account balance of just $53. This move occurred on January 31, 2026.
The timing of Jin’s economic forecast and the large-scale ETH liquidation have drawn attention, particularly given his past association with BitForex. Following the collapse of BitForex in 2023, Jin established WaveLabs VC in 2020, according to Moomoo.com. The liquidation event is considered one of the largest in history, and Foresight News continues to monitor developments.
Binance.com reported that Jin’s concerns extend to various sectors, though specific industries were not detailed in the initial report. The economic outlook, as presented by Jin, suggests a downturn extending beyond typical market corrections.
