Key Takeaways:
- A $735 million Bitcoin short occurred minutes before Trump announced new China tariffs, prompting insider trading allegations.
- Former BitForex CEO Garrett Jin denied involvement, claiming the wallet used for the trade belonged to a client.
- Debate continues over the wallet’s true owner, with some pointing to Jin and others questioning the evidence.
A massive Bitcoin short placed shortly before U.S. President Donald Trump announced sweeping tariffs on China has triggered insider trading suspicions.
The trade, worth around $735 million, occurred less than an hour before Trump revealed a 100% tariff on Chinese goods, sending Bitcoin briefly down to about $102,000.
đ¨ THIS IS MASSIVE!!!
— Kyle ChassĂŠ / DDđ¸ (@kyle_chasse) October 10, 2025
A whale opened a 10X $ETH short currently worth $751M!!!
Their PnL is already -$3.7M. pic.twitter.com/KAI2ditB8N
Crypto researcher Eye alleged that Garrett Jin, former CEO of the now-defunct BitForex exchange, controlled the wallet behind the trade, claiming he also held over 100,000 BTC on the Hyperliquid platform.
Jin denied the accusations on X, stating he had âno connection with the Trump familyâ and that the wallet belonged to a client.
Hi @cz_binance, thanks for sharing my personal and private information. To clarify, I have no connection with the Trump family or @DonaldJTrumpJr â this isnât insider trading.
— Garrett (@GarrettBullish) October 13, 2025
He also criticized former Binance CEO Changpeng Zhao (CZ) for amplifying the claims by retweeting them to his large audience.
While some community members suspect insider knowledge, others – including blockchain investigator ZachXBT and analyst Quinten Francois – doubt the link between Jin and the trades.
This is not new information as @emmettgallic already revealed the transfer from the HL whale to Garrett Jin two days ago.
— ZachXBT (@zachxbt) October 12, 2025
The only direct connection is a 40K USDT transfer and everything else in this post is unconfirmed theories.
It seems more likely to be a friend of Jin. pic.twitter.com/7f9Tzg9aU1
The case has revived broader concerns about insider activity in crypto, echoing previous suspicious trades ahead of major events, such as the $482,000 Bubb memecoin and $6 million Trump token transactions earlier this year.
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