A transaction on the Ethereum ($ETH) network has attracted significant attention in the cryptocurrency market. According to on-chain data, a user exchanged approximately $50.4 million worth of $USDT for only about $36,000 worth of $AAVE, resulting in a loss of over $50 million.
The identity of the user who lost $50 million due to a major mistake has not been revealed, but it is believed to be Garrett Jin, a Bitcoin supporter.
According to the on-chain analytics platform Lookonchain, Bitcoin supporter Garrett Jin is suspected of making a mistake in a $50 million $USDT swap.
According to Lookonchain, the anonymous investor who mistakenly swapped 50 million $USDT for only 325 $AAVE ($36,000) on the Cow Swap platform is suspected to be Garrett Jin, the founder of BitForex and a prominent Bitcoin supporter.
“The person who exchanged 50.43 million aEthUSDT for only 327 aEthAAVE ($36,000) might actually be Garrett Jin (BitcoinOG1011short)!”
Lookonchain reported identifying 13 wallets linked to the incident using on-chain tracking. Lookonchain found that one of these wallets matched a Binance deposit address belonging to Jin.
The firm stated that the timing coincided with Jin’s purchase of $USDT and $USDC following the sale of 261,000 $ETH ($543 million) and 11,318 BTC ($761 million) on February 15 and 20, and that these sales coincided with the times when the relevant wallets withdrew stablecoins from Binance.
The person who swapped 50.43M aEthUSDT for only 327 aEthAAVE ($36K) may actually be Garrett Jin(#BitcoinOG1011short)! 👀
Evidence:👇
Through on-chain tracing, we found 13 wallets that may belong to him. These wallets:
– All wallets received $USDC or $USDT from Binance on Feb 16… pic.twitter.com/Vi7UkxGWMq— Lookonchain (@lookonchain) March 13, 2026
*This is not investment advice.
