Hyperliquid News Today: "Jin Denies Accusations as Hyperliquid Short's Timing Sparks Trump Insider Speculation"

Garrett Jin, the former CEO of now-defunct cryptocurrency exchange BitForex, has denied allegations of insider trading after a massive short position on Hyperliquid reportedly netted him over $150 million ahead of U.S. President Donald Trump's announced 100% tariffs on Chinese imports. Jin, linked to a wallet holding over 100,000 BTC, told X users he has "no connection with the Trump family or Donald Trump Jr." and called the claims "false and defamatory" .

The controversy erupted after on-chain analyst "Eye" (@eyeonchains) published a detailed X thread connecting Jin to a Hyperliquid wallet that opened a $735 million short on Bitcoin and Ethereum just minutes before Trump's tariff announcement on October 10, 2025. The timing of the trades-executed at 20:49 GMT, just before Trump's 20:50 GMT tweet-sparked immediate speculation of privileged information . The move triggered a crypto market crash, with Bitcoin falling 13% to $102,000 and over $19 billion in liquidations across exchanges .

Jin, who previously led BitForex before its collapse in 2024 amid a $57 million liquidity crisis, responded by thanking Binance co-founder Changpeng Zhao (CZ) for "sharing my personal and private information" while reiterating his denial . CZ had retweeted Eye's analysis, amplifying its reach to over 10 million followers. Meanwhile, other on-chain sleuths, including ZachXBT, cast doubt on the direct link, suggesting the trades could have been executed by a "friend of Jin" or that the evidence was "too convenient" .

The alleged Hyperliquid whale has since reopened a $340 million 10x leveraged short on Bitcoin, depositing $40 million in USDC via Hyperunit, a staking platform linked to Jin's ventures . At current prices, the position yields $700,000 in unrealized profits but risks liquidation if Bitcoin surges past $130,460. Critics argue that high leverage on decentralized exchanges (DEXs) like Hyperliquid exacerbates market volatility, with Jin himself criticizing the practice. "Exchanges should implement stabilization funds similar to U.S. equities to restore trust," he said .

The incident has reignited debates about crypto market integrity. While centralized exchanges like Binance reported $280 million in compensation for affected users, Hyperliquid's founder Jeff Yan accused rivals of underreporting liquidations . Regulators globally are now scrutinizing the role of DEXs in facilitating trades that appear to exploit macroeconomic events.

[1] This is the Full Title of the First News Article (https://www.theblock.co/post/374383/alleged-hyperliquid-whale-denies-trump-ties-thanks-cz-for-doxing-and-pitches-market-stabilization-fund)

[2] This is the Full Title of the Second News Article (https://markets.financialcontent.com/stocks/article/breakingcrypto-2025-10-13-hyperliquid-whale-accused-of-insider-trading-amidst-crypto-market-meltdown-a-deep-dive-into-exchange-controversies)

[3] Full Title of the Third Source Used (https://decrypt.co/344137/alleged-trump-insider-whale-denies-insider-trading-opens-340-million-bitcoin-short)

[4] Full Title of the Fourth Source Used (https://www.cryptotimes.io/2025/10/13/bitcoin-whales-160m-short-on-hyperliquid-sparks-insider-suspicion/)