Garrett Jin, founder of now-defunct cryptocurrency exchange BitForex, reportedly holds a large short position in Zcash ($ZEC) on the Hyperliquid platform, according to blockchain analytics company EmberCN. This position is worth approximately $15.08 million and was opened 9 days ago at an average price of $444 per position. $ZEC. As of the latest data, the deal is underwater, with an unrealized loss of about $530,000.
details $ZEC short position
EmberCN identified addresses starting with 0x92ea as likely belonging to Jin. This address has a history of generating income. $ZEC Transactions increase the reliability of attribution. A short position was opened as follows $ZEC was trading around $444, but the token has since risen. According to CoinMarketCap, Zcash is currently trading at $461.41, up 24.23% over the past 7 days. This rally put Jin’s short position in negative territory.
BitForex collapse and Jin’s legal troubles
BitForex is a cryptocurrency exchange that went bankrupt in early 2024, leaving users unable to withdraw their funds. The platform was subsequently found to be fraudulent by multiple regulatory bodies. Jin has been under scrutiny since the exchange’s failure, with authorities in several jurisdictions investigating the platform’s operations. The disclosure of his active trading positions on HyperLiquid provides a rare glimpse into the financial activities of a man at the center of one of the cryptocurrency industry’s most notable scandals.
broader market context and $BTC position
EmberCN also reported that Jin holds a long position in Bitcoin, which is under pressure. However, the recent market recovery has narrowed the loss on that trade from $23 million to about $16 million. The broader cryptocurrency market has seen a modest recovery in recent days, with Bitcoin and several altcoins posting gains. Zcash’s rise is particularly noteworthy due to renewed interest in privacy-focused cryptocurrencies.
Impact on creditors and the crypto community
News of Jin’s aggressive trading positions is likely to elicit mixed reactions. For BitForex creditors who lost money in the exchange’s collapse, the fact that Jin is actively managing large positions may raise questions about asset recovery. For the broader crypto community, this highlights the continued uncertainty surrounding the activities of those on the failed platforms. The use of Hyperliquid, a decentralized perpetual exchange, highlights how even legally supervised individuals can access advanced trading tools without traditional financial oversight.
conclusion
Garrett Jin’s $15 million short position in Zcash on HyperLiquid is now losing money, adding another layer to the BitForex collapse saga. The trade itself is a relatively small part of the larger story, but it provides insight into the controversial figure’s financial strategies. As the market continues to recover, the performance of Jin’s position will $ZEC It’s short and $BTC It will be closely watched for a long time by those following the aftermath of one of cryptocurrencies’ most significant exchange failures.
FAQ
Q1: Who is Garrett Zinn?
Garrett Zinn is the founder of BitForex, a cryptocurrency exchange that went bankrupt in 2024 and was later deemed a scam. He is currently under investigation by multiple regulatory authorities.
Q2: What is Hyperliquid?
Hyperliquid (HYPE) is a decentralized perpetual exchange that allows users to trade cryptocurrency derivatives with leverage. It operates without a central intermediary and provides a high degree of anonymity and accessibility.
Q3: Why is this so? $ZEC Are short positions important?
This position is important because it reveals that the failed exchange’s founder was actively managing large trading positions, which could have implications for creditors and ongoing investigations. It also shows the use of decentralized platforms by individuals under legal supervision.
