Analysis: Due to slippage, a single currency loss of 50 million dollars may be attributed to the operator Garrett Jin of the "1011 insider address."

The on-chain analysis platform Lookonchain stated in a social media post that the party responsible for a $50 million loss 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 become active again, transferring funds to two new wallets. One of the wallets shares the same Binance deposit address as Garrett Jin.

Lookonchain noted that Garrett Jin previously sold 261,024 ETH (approximately $543 million) and 11,318 BTC (approximately $761 million) on February 15 and February 20, respectively, and the withdrawal times from Binance for the aforementioned wallets are close to these transactions.