Key Takeaways:
- A mysterious “insider whale” on Hyperliquid has opened a $496M Bitcoin short with 10x leverage, raising eyebrows across the crypto community.
- The trader’s perfectly timed positions, including one before Trump’s tariff announcement, have fueled theories of insider knowledge.
- Alleged ties to former BitForex CEO Garrett Jin surfaced after blockchain sleuths and Binance’s CZ amplified online claims, though Jin denies ownership of the fund.
A mysterious trader, known as the “insider whale”, has intensified speculation across the crypto community after massively expanding a Bitcoin short position on the Hyperliquid exchange.
Blockchain data from Hypurrscan shows the trader now holds roughly $496 million in Bitcoin shorts at 10x leverage, with a liquidation price near $124,270 – more than double the size of their previous day’s position.
The #Bitcoin OG has further increased his $BTC short position, currently valued at $492M, with a floating profit of ~$9M+.https://t.co/TE0chC3vug
— Onchain Lens (@OnchainLens) October 14, 2025
We will keep you updated on TG channel as OG will likely add more $BTC. We don't want to spam X with the same content.
Till then… pic.twitter.com/AugbABrFbg
The whale first drew attention two months ago for reportedly controlling $11 billion in Bitcoin and later for opening $900 million in short positions across Bitcoin and Ether.
Suspicion about insider activity grew after one of their shorts was placed less than an hour before U.S. President Donald Trump’s announcement of new tariffs, an event that triggered a sharp crypto sell-off.
The precise timing fueled theories that the trader had access to privileged information.
Some online investigators have linked the wallet to Garrett Jin, ex-CEO of defunct exchange BitForex, though he denied any wrongdoing, insisting the funds belonged to clients.
Despite his denial, speculation continues as the whale’s massive trades dominate discussion in crypto circles.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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