Garrett Jin, the ex-CEO of now-defunct crypto exchange BitForex, has denied claims linking him to a controversial Bitcoin short position ahead of a major market event.
On Monday, Jin took to X, stating he had “no connection with the Trump family” and refuted allegations suggesting he used insider knowledge to profit from Bitcoin trades.
The controversy began after crypto researcher Eye alleged that Jin controlled a wallet used by a whale to open a $735 million short position on Bitcoin.
The trade occurred less than an hour before the U.S. President Donald Trump announced a “100% tariff on China” last Friday, causing Bitcoin to briefly drop to around $104,000 from $124,000.
Wallet controversy and online debate
Eye later claimed Jin was a Hyperliquid whale controlling over 100,000 BTC. Jin responded by saying the wallet belonged to a client and criticized former Binance CEO Changpeng Zhao for sharing “personal and private information” by reposting Eye’s X post to over 10 million followers.
Not everyone is convinced by Eye’s findings. Crypto sleuth ZachXBT suggested a “friend of Jin” might be behind the trades, while analyst Quinten Francois described the evidence as “too convenient” to directly link Jin to the wallet.
Insider trading in crypto: A recurring concern
Allegations of insider trading are not new in the crypto world. Earlier this year, traders made over $482,000 on Bubb (BUBB) memecoin, according to Lookonchain, shortly before its price dropped 50%. Similarly, Trump’s official TRUMP token attracted attention after a wallet purchased $6 million within a minute of its launch.
While Garrett Jin denies any wrongdoing, the incident highlights ongoing concerns about market manipulation and transparency in the crypto industry.
Also Read: BNB Meme Season: Trader Turns $5K Into $2.1M in Just 40 Minutes
