Bitcoin News Today: Jin Denies Trump-Tied Short as Crypto Debates Market Integrity

Garrett Jin, the former CEO of defunct cryptocurrency exchange BitForex, has denied allegations that he engaged in insider trading by shorting Bitcoin ahead of U.S. President Donald Trump's announcement of 100% tariffs on Chinese goods. The claims, leveled by pseudonymous crypto researcher Eye, suggest Jin controlled a wallet that executed a $735 million short position minutes before the tariff announcement, which triggered a sharp drop in Bitcoin's price to around $102,000 . Jin refuted the accusations on X, stating he had "no connection with the Trump family" and attributing the trades to a client's account .

The short, placed via decentralized exchange Hyperliquid, coincided with a 7.5% decline in Bitcoin's price following Trump's Friday announcement. Jin criticized former Binance CEO Changpeng Zhao (CZ) for amplifying the allegations by retweeting Eye's post to his 10 million followers, calling it an invasion of privacy . Meanwhile, blockchain investigators have cast doubt on the evidence linking Jin to the wallet. ZachXBT, a prominent on-chain sleuth, suggested the trades were more likely executed by "a friend of Jin," while analyst Quinten Francois described the connection as "too convenient" .

The controversy has reignited debates over transparency in crypto markets, where large, opaque positions can move prices rapidly. This is not the first time insider trading suspicions have emerged in the sector. In March, an unidentified trader reportedly made $482,000 from timed trades in the Bubb (BUBB) memecoin before its price plummeted. Similarly, a wallet linked to Trump's TRUMP memecoin purchased $6 million worth of the token seconds after its launch in January .

Jin's BitForex exchange collapsed in early 2024 after $57 million vanished from hot wallets, leaving users with frozen funds and exacerbating concerns about offshore trading platforms. The current allegations against Jin add to his contentious legacy, though he maintains the accusations are baseless. The trader who executed the $735 million short reportedly closed most positions for a $160 million profit, with some analysts speculating the move was timed to exploit market volatility .

As the crypto community remains divided, the incident underscores the challenges of regulating decentralized markets. Unlike traditional finance, crypto lacks standardized disclosure rules for large positions, enabling traders to act on non-public information with minimal oversight. Regulators have long warned of the sector's vulnerability to manipulation, but enforcement remains fragmented. For now, the debate over Jin's involvement-and the broader implications for market integrity-continues to unfold on social media and blockchain analytics platforms.

[1] Garrett Jin Denies Being the Hyperliquid Whale Behind $735M ... (https://ecoinimist.com/2025/10/14/garrett-jin-denies-being-whale-bitcoin/)

[2] Alleged Hyperliquid Whale Denies Insider Trading with Trumps (https://cointelegraph.com/news/garrett-jin-whale-denies-allegations-shorting-bitcoin)

[3] Former BitForex CEO Denies Insider Trading Allegations After ... (https://btcpeers.com/former-bitforex-ceo-denies-insider-trading-allegations-after-whale-short-position/)

[4] Ex-BitForex CEO Garrett Jin Denies Insider Trading Linked to ... (https://financefeeds.com/ex-bitforex-ceo-garrett-jin-denies-insider-trading-linked-to-trumps-selloff/)

[5] Former BitForex CEO Refutes Bitcoin Trades Linked to Trump Tariff (https://www.cryptotimes.io/2025/10/14/former-bitforex-ceo-refutes-bitcoin-trades-linked-to-trump-tariff/)

[6] Trader Who Made $160 Million Shorting Bitcoin, Ethereum Before ... (https://finance.yahoo.com/news/trader-made-160-million-shorting-183109978.html)