Garrett Jin denies claims of coordinating massive Bitcoin short ahead of market crash
Garrett Jin, former chief executive of the now-defunct crypto exchange BitForex, has denied allegations connecting him to a massive short position placed on Bitcoin just before U.S. President Donald Trump announced a 100% tariff on China last Friday — an event that triggered one of the sharpest intraday sell-offs in months.
In a post published Monday on X, Jin stated he had “no connection with the Trump family” and rejected accusations that he was behind the trade. The claims originated from an online investigator known as Eye, who alleged that Jin controlled a wallet address that opened a $735 million short position on Bitcoin via Hyperliquid, a decentralized perpetual futures exchange.
The position was reportedly executed less than an hour before Trump’s tariff statement, sending Bitcoin prices tumbling to nearly $102,000 before partially recovering.
Disputed claims and market fallout
Eye’s report described the trader as a “Hyperliquid whale” controlling over 100,000 BTC, but Jin dismissed the accusations, saying the wallet belonged to a client and not to him personally. He also criticized former Binance CEO Changpeng Zhao for amplifying the rumor by retweeting the post to more than 10 million followers, calling it an invasion of privacy.
Still, the timing of the trade has drawn scrutiny amid heightened volatility and a $19 billion liquidation event across major crypto exchanges that same day.
Several blockchain analysts have urged caution before drawing conclusions. Independent investigator ZachXBT said the trades may have been executed by “a friend of Jin” rather than Jin himself, while analyst Quinten Francois called the connection “too convenient” and lacking direct on-chain proof.
These debates underscore how on-chain transparency can fuel speculation, even as evidence remains circumstantial.
Allegations of insider trading are not new to the digital-asset industry. In March, traders made roughly $482,000 on the Bubb (BUBB) memecoin just before it crashed, and Trump’s own token, “Official Trump (TRUMP),” saw suspicious wallet activity moments after its January launch.
As scrutiny mounts over market integrity, analysts say events like these highlight the urgent need for clearer regulatory standards and exchange transparency — particularly in the rapidly expanding decentralized derivatives space.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.