Key Takeaways:
- •A trader made $200M shorting BTC before Trump’s tariff tweet.
- •No confirmed ties to the Trump family or insider trading.
- •Pervasive market impact and liquidation of billions in positions.
Garret Jin profited $160-$200 million by shorting Bitcoin and Ethereum on Hyperliquid just before Trump's tariff announcement against China, raising suspicions of insider trading.
The trade's timing significantly impacted Bitcoin and Ethereum prices, resulting in substantial liquidations across markets and heightened scrutiny regarding potential insider trading practices.
Garret Jin, identified as a former BitForex CEO, capitalized significantly by shorting Bitcoin and Ethereum just before President Trump announced tariffs on China. Reports estimate his profits ranged from $160 million to $200 million after the market drop.
"To clarify, I have no connection with the Trump family or @DonaldJTrumpJr — this isn't insider trading."
Jin, through the decentralized exchange Hyperliquid, engaged in a notable trade. He asserted no connections with the Trump family, emphasizing that the fund maneuvers are client-driven. The short positions exceeded $700 million in notional value.
The market reacted sharply; Bitcoin's price fell dramatically. Consequently, over 1.66 million accounts across various platforms experienced liquidations, translating into massive losses upwards of $19 billion, primarily impacting long positions.
This trade exemplifies potential risks in crypto derivatives amid geopolitical tensions. Observers raise concerns over possible policy leaks. Analysts continue debate about the legality and transparency of such trades, underscoring market fragility without conclusive evidence of misconduct.