Garrett Jin denies the rumors of Hyperliquid Whale identity and insider trading, once again shorting 300 million USD BTC.

A shorting trade that bet on a market flash crash ahead of time, profiting over 150 million USD, is making the Hyperliquid Whale the focus of the community. The identified former BitForex CEO Garrett Jin has denied any connection to insider information related to Trump. Now, this Whale is shorting Bitcoin again, with a position valued at 340 million USD.

Who is the mysterious shorting of Hyperliquid Whale that accurately predicts the flash crash?

Last Friday, U.S. President Trump announced a 100% tariff on Chinese goods, which triggered panic in the market. However, just hours before the announcement, a Whale had already shorted $700 million worth of Bitcoin and $350 million worth of Ethereum on Hyperliquid, ultimately making a profit of $200 million during the market flash crash.

On Sunday, on-chain detective Eye publicly disclosed the address information, pointing out that the account is related to former BitForex CEO Garrett Jin, claiming he holds over 5 billion dollars in Bitcoin. The post was subsequently retweeted by Binance founder CZ, expressing hope that someone could verify the news, sparking heated discussions in the community.

( A mysterious Whale, who once made a high-profile 4 billion dollars Bitcoin swap at Hyperliquid: possibly Garrett Jin, the founder of BitForex )

Jin denies knowing Trump: It is not insider trading, it is client funds.

In response to public pressure, Jin also posted a response yesterday: “Hi CZ, thank you for sharing my personal information. Let me clarify, I have no relation to the Trump family, this is not insider trading.”

This fund is not mine personally; it belongs to my client. We provide node operation and market insight services for them.

Jin also elaborated on the issue of market structure, pointing out that the cryptocurrency industry is overly leveraged, and criticized exchanges for allowing high-leverage operations in order to attract users and increase profits, which has led to extreme market volatility.

In response to last Friday's market crash, he believes that a market stabilization fund similar to that of the U.S. stock market should be established to provide liquidity support during crises. This is a necessary step for the crypto market to move from speculation to institutionalization.

(The most intense leverage reset and buyer turnover in history: Can the crypto market rise more easily after the bloodbath? )

ZachXBT and Emmett Gallic in doubt: insufficient evidence

Although Eye's posts have been widely shared, both well-known on-chain investigators ZachXBT and Emmett Gallic have expressed doubts about the allegations.

ZachXBT stated that the only verifiable on-chain connection is a transfer of 40,000 USDT, while the Whale usually trades in amounts of millions of dollars: “This is more likely to be Jin's friend.”

Emmett also added: “I don't think that Whale is Garrett, but he did mention on TikTok and X that he knows many large Whales in China.”

HL Whale surfaces: shorting 340 million USD BTC again

The controversy is not yet settled, and the Whale account has made new moves. Arkham data indicates that it deposited another 40 million USDC into Hyperliquid yesterday and opened a shorting position worth 340 million USD in BTC, currently with unrealized profits of about 5 million USD.

A Whale has once again opened a shorting position worth 340M.

In this article, Garrett Jin denies the rumors of being a Hyperliquid Whale and insider trading, and once again engages in shorting 300 million USD BTC, which first appeared in Chain News ABMedia.