tl;dr
Garrett Jin, former CEO of BitForex, denies allegations of orchestrating a $735M Bitcoin short-sell before a Trump tariff announcement, sparking debates about crypto transparency and insider trading.
**Garrett Jin Denies Allegations of Market Manipulation Amid Crypto Conspiracy Theories**
Garrett Jin, the former CEO of the collapsed crypto exchange BitForex, has publicly denied allegations from a pseudonymous online investigator accusing him of orchestrating a massive Bitcoin short-sell ahead of a controversial U.S. tariff announcement. The claims have reignited debates about transparency and insider trading in the volatile crypto market.
The controversy centers on a wallet address linked to a $735 million short position on Bitcoin (BTC) just before U.S. President Donald Trump’s Friday announcement of a “100% tariff on China.” The price of Bitcoin plummeted to around $102,000 shortly after, though Trump later walked back his remarks on Sunday, stating, “Don’t worry about China.”
In a Monday X (formerly Twitter) post, Jin denied any connection to the Trump family and refuted claims of insider trading. He stated, “I have no connection with the Trump family,” responding to allegations by crypto researcher Eye that Jin controlled the wallet used to execute the short. Jin also criticized former Binance CEO Changpeng Zhao (CZ) for retweeting Eye’s accusations, calling it a breach of privacy.
The wallet in question, according to Eye, was linked to a “Hyperliquid whale” holding over 100,000 BTC. However, Jin clarified that the address belonged to a client, not himself. Despite this, the allegations have sparked skepticism. Crypto analyst ZachXBT suggested on Saturday that “a friend of Jin” might have been behind the trades, while analyst Quinten Francois argued the evidence linking Jin to the wallet was “too convenient” to be credible.
The incident underscores a broader pattern of insider trading accusations in the crypto space. In March, an unknown entity reportedly made $482,000 through trades on the Bubb (BUBB) memecoin before its price dropped 50%. Similarly, in January, a wallet purchased $6 million of the Trump TRUMP token moments after its launch, drawing scrutiny over potential market manipulation.
While Jin’s denials may quell some speculation, the case highlights the challenges of accountability in decentralized finance. As crypto markets continue to grow, so too do concerns about opaque transactions and the influence of high-profile figures. For now, the debate over Jin’s alleged role in the Bitcoin short remains unresolved, leaving the community to grapple with the intersection of power, privacy, and transparency in the digital asset world.