Who Is Garret Jin? Crypto Whale Linked to Massive $735M Bitcoin Short Before Market Crash

A major controversy has emerged in the crypto world after a mysterious trader, allegedly identified as Garret Jin, placed a massive short position against Bitcoin just 30 minutes before the market crash on Friday, October 10. The crash was triggered by Donald Trump’s threat to impose new tariffs on China, causing Bitcoin to drop from $68,000 to under $60,000.

$735 Million Short Raises Suspicion

The trader used the platform Hyperliquid to open a $735 million short position, reportedly earning around $150 million during the crash. This perfectly-timed move has raised questions about whether the trader had insider knowledge of Trump’s announcement.

Sleuths Identify the Trader as Garret Jin

On Saturday, October 11, an X user known as @EyeOnChain traced the wallet behind the trade. The address was linked to Garret Jin, a Hong Kong-based crypto entrepreneur, through connections with the ENS domain garrettjin.eth.

Jin is widely known as the founder of BitForex, a crypto exchange that collapsed in 2024 after nearly $56 million in customer funds disappeared. Although Jin had stepped away before the shutdown, several BitForex executives were detained in China but were released without charges.

Who Is Garret Jin?

Garret Jin is considered an early crypto adopter in Hong Kong. After BitForex, he launched multiple blockchain projects, including:

• WaveLabs VC

• TanglePay (a DeFi wallet)

• GroupFi Protocol

• XHash (an institutional Ethereum staking platform)

CZ Brings Global Attention

The story gained huge attention when Binance founder Changpeng Zhao (CZ) shared EyeOnChain’s thread with his 10 million followers. This move brought Jin’s identity and actions under global scrutiny.

In response, Jin posted, “Thanks for sharing my personal and private information. This isn’t insider trading.” He denied any links to Donald Trump or his family.

Jin Claims It Was Strategy — Not Insider Info

Garret Jin defended himself, saying the short trade was based on economic analysis, not secret information. He said his internal trading models showed “overbought signals” in both crypto and tech markets before the crash.

According to Jin, his system had already raised risk alerts due to rising tension between the U.S. and China, suggesting a potential correction.

He also added that the crypto used for the trade belonged to clients, not his personal funds.

Debate Over Ethics and Market Influence

The crypto community is now sharply divided. Some call Jin a market genius, while others accuse him of using insider influence. Regardless, his trade has become one of the most controversial moves in recent crypto history.