Garrett Jin, the former chief executive of the now-defunct crypto exchange BitForex, has denied a wave of online allegations linking him to insider trading and large-scale Bitcoin shorting.
The claims surfaced after a pseudonymous crypto investigator known as Eye accused Jin of controlling a wallet that allegedly shorted Bitcoin moments before the U.S. President Donald Trump announced sweeping tariffs on Chinese imports.
In a post on X on Monday, Jin rejected the accusations, insisting he has “no connection with the Trump family” and refuting claims that he engaged in market manipulation. He said the wallet in question belonged to a client and not to him personally.
Jin also criticized former Binance CEO Changpeng Zhao for retweeting Eye’s post to his more than 10 million followers. He accused Zhao of “sharing personal and private information” without verifying the facts.
Alleged Bitcoin Whale Wallet Sparks Controversy
According to Eye, the wallet under scrutiny opened a massive $735 million short position on Bitcoin less than an hour before President Trump’s announcement of a 100% tariff on Chinese goods on Friday. The move coincided with a sharp drop in Bitcoin’s price, which briefly plunged to around $102,000, raising suspicions of insider knowledge.
Eye further claimed that Jin controlled over 100,000 BTC through the trading platform Hyperliquid, asserting that he acted as a so-called “whale” in the market. However, Jin has dismissed these accusations, maintaining that the account was linked to a client of BitForex and not his personal holdings.
Some in the crypto community have questioned the validity of Eye’s claims. Well-known blockchain investigator ZachXBT said it was “more plausible that a friend of Jin” might be responsible for the trade.
Meanwhile, analyst Quinten Francois called the evidence “too convenient,” suggesting that the link between Jin and the whale wallet was circumstantial at best.
Broader Pattern of Suspicious Trades
Incidents of potentially insider-driven trades are not new in the crypto space. In March, an unknown trader reportedly earned over $482,000 by trading the Bubb (BUBB) memecoin just before its price crashed by 50%.
Similarly, in January, a wallet purchased around $6 million worth of Official Trump, a memecoin associated with the former president, less than a minute after its launch.
As speculation mounts, Jin has stated that he intends to “fully cooperate” with any official inquiries to clear his name, while maintaining that the allegations are “baseless and defamatory.”