TechFlow News, March 13: On social media, on-chain analytics platform Lookonchain posted an analysis stating that the individual who incurred a $50 million loss from a single-asset trade due to slippage may be Garrett Jin—the operator of the “1011 insider address.”
On-chain tracking shows that 13 wallet addresses associated with him withdrew USDC or USDT from Binance on February 16 and February 20, and have recently reactivated, transferring funds to two new wallets. One of these wallets shares the same Binance deposit address as Garrett Jin.
Lookonchain noted that Garrett Jin previously sold 261,024 ETH (approximately $543 million) on February 15 and February 20, as well as 11,318 BTC (approximately $761 million); the timing of the aforementioned wallets’ withdrawals from Binance closely aligns with these sales.
Earlier report indicated, per CoinDesk, that a user executing a single-token swap via the Aave interface suffered extreme slippage due to insufficient liquidity pool depth, resulting in losses of approximately $50 million.
