The former CEO of the now-defunct cryptocurrency exchange BitForex, Garrett Jin, has denied multiple allegations from a network investigator using the pseudonym "Eye" regarding his shorting of the market.
Jin stated in a post on the X platform on Monday that he has "no connection to the Trump family" and firmly denied the insider trading allegations. Previously, cryptocurrency researcher Eye claimed that he controlled a wallet address used to short Bitcoin (BTC).
The wallet opened a short position less than an hour before U.S. President Trump announced "100% tariffs on China," which likely led to a significant drop in the price of the cryptocurrency.
Eye hinted on Saturday via the X platform that Jin is a Hyperliquid whale controlling over 100,000 BTC. In response, Jin emphasized that the wallet belongs to a client and criticized former Binance CEO Zhao Changpeng (CZ) for leaking "personal and private information" by sharing Eye's post with his over 10 million followers.
Regardless of whether it is directly related to Jin, the wallet address was indeed used to open a $735 million BTC short position. After the tariff announcement on Friday, the BTC price briefly dropped to around $102,000, although the president stated in a social media post on Sunday that "there's no need to worry about China," retracting some of his comments.
Despite the alleged connection between Jin and this now highly scrutinized BTC wallet, some network investigators have questioned Eye's claims. ZachXBT pointed out on Saturday that it is more likely that "Jin's friend" is responsible for these trades, while cryptocurrency analyst Quinten Francois stated that the evidence linking the former CEO to the wallet is too coincidental.
Many individuals from the cryptocurrency exchange have previously been accused of having private information about project releases after trading at suspicious times.
In March of this year, an unidentified individual or group profited over $482,000 by trading the Bubb meme coin, after which the coin's price dropped by about 50%.
Trump's meme coin TRUMP also drew similar attention in January when a wallet purchased about $6 million worth of tokens less than a minute after the token's release.
Related: Santiment: Retail investors habitually seek "single event" explanations for market declines, blaming the crash on Trump's tariffs.
Original article: “Whale accused of Hyperliquid denies insider trading with Trump family”
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