Crypto Whale Ups The Ante: From $192 Million Windfall To A Fresh $340 Million Bearish Bet
Speculations are rife that the crypto whale is former BitForex CEO Garret Jin, who took to social media to clarify that he has "no connection with the Trump family".
The crypto whale who recently earned an astonishing $192 million from a perfectly-timed short trade has denied any political ties, just as he took another massive bet against Bitcoin on Tuesday.
The trader drew a windfall as the world's leading cryptocurrency slumped following US President Donald Trump's threat to raise China tariffs to 100%, on Friday.
The Ethereum address ending in “7283ae,” which mopped up close to $200 million due to the bearish bet, is now building a $340 million Bitcoin short — with a 10-time leveraged position — on Hyperliquid exchange, as per a report by Decrypt.
The entry price was $1,16,009 and the account has already gained over $700,000 in unrealized profits. However, as per the risks, the position would be wiped out if Bitcoin rises to a new all-time high of $130,460.
The same wallet had last week deposited $80 million in USDC to Hyperliquid through Hyperunit, and opened approximately 3,700 BTC that costed nearly $450 million in Bitcoin shorts. According to the Decrypt report, following the crash that cleared nearly $19 billion in crypto positions, he withdrew $150 million and moved it to another wallet that is now holding $286 million in USDC.
Some connected the Bitcoin account to former BitForex CEO Garret Jin, who confirmed the link but said that the funds were not his personally and belonged to his clients.
He also said, "There aren’t that many conspiracies in this world. Stop making excuses for your ignorance and unprofessionalism." on X.
This was after Binance Founder Changpeng "CZ" Zhao levelled the allegation on X. In response, Jin said, "Hi @cz_binance, thanks for sharing my personal and private information. To clarify, I have no connection with the Trump family or @DonaldJTrumpJr — this isn’t insider trading."
Following the sell-off last week, on-chain trackers reported that over 250 wallets lost millionaire status on Hyperliquid as a wave of liquidations swept through the platform. The sharp price swings and lack of regulatory oversight have reignited concerns over market integrity in decentralised trading platforms.
