Mystery Short Seller Shaking Crypto Market Clarifies: No Ties to Trump, No Insider Trading

Last Friday, October 10, 2025, Trump’s latest tariff comments triggered a sharp plunge in U.S. stocks, with the crypto market suffering a brutal bloodbath. While most investors were caught off guard, one trader netted $160 million by shorting Bitcoin, stunning the entire market.

 

 

On Sunday, on-chain analyst Eye posted data claiming the trader was Garrett Jin, former CEO of the defunct crypto exchange BitForex, and hinted at possible insider trading.

 

Binance founder Changpeng Zhao (CZ) then joined the effort to unmask the trader, reposting Eye’s claims and stating he was unsure if Jin was behind the Bitcoin short but hoped for verification. CZ’s post garnered over 2 million views.

 

Early Monday, Jin responded, accusing CZ of violating his privacy. He clarified he has no ties to the Trump family or Donald Trump Jr., and his trades involved no insider information.

Suspicious Moves  

CoinGlass data shows over 1.64 million crypto traders were liquidated on Friday. Hyperliquid data reveals the mystery trader opened multi-million-dollar short positions in Bitcoin and Ethereum before Trump’s tariff announcement and closed most of them after the market crash, pocketing $160 million.

 

On Monday morning, the trader deposited $40 million in USDC stablecoin. Shortly after, the account opened a $340 million 10x leveraged Bitcoin short position. If Bitcoin rises to $130,460, the entire position would be liquidated, incurring massive losses.

 

As of this report, Bitcoin is at $113,312.50, down $1,956.30 or 1.7%. On Monday, Bitcoin repeatedly touched above $115,000.

 

Crypto researchers note the account’s recent trading platform activity is suspiciously timed, suggesting possible foreknowledge of Trump’s next moves and market weakness.

 

Jin, however, said the account is his but funded by clients, for whom he provides advisory services.

 

He also highlighted a deeper issue in crypto: exchanges offer high leverage on assets lacking intrinsic value to meet user demand and boost profits. Such leverage was historically limited to forex markets, where underlying assets have value support, lower volatility, and bank-backed liquidity.

 

He warned that if exchanges continue offering extreme leverage, they should at least implement a stability fund mechanism like U.S. stock markets to provide liquidity during crises. Only then can trust be restored, capital return, and the market develop healthily.