Garrett Jin denied the Trump allegations and announced a $489 million short position.

In recent days, one of the most talked-about names in the crypto market, Garrett Jin, has drawn attention for his effects on Bitcoin prices. Last week, the value of the massive short position opened by Jin reached approximately $489 million. This situation has generated serious interest among investors.

Jin categorically denied claims of a connection to Donald Trump. In a statement on social media, he said, “I have no connection to the Trump family; this is not insider trading.” However, on-chain analyst Eye shared blockchain data that associates Jin with this transaction. Binance founder CZ reignited discussions by retweeting this data revealing Jin's identity.

Jin stated that the notional value of his 10x leveraged short position on Bitcoin is $488.9 million, with an open profit-loss situation of approximately $17.7 million. Jin, known as the former BitForex CEO, is alleged to have holdings of more than $5 billion in Bitcoin. However, analyst ZachXBT indicated that the person executing the transaction might not be Jin himself and that someone in his circle could have conducted this action.

Although Jin claims that the fund belongs to his clients rather than him, he continues to capture the attention of investors in the crypto market. Criticizing the structural problems of the markets, Jin stated, “The fundamental problem of the crypto sector is the excessive leverage offered on assets whose value is not supported.” He emphasized that such a leverage model could only work in the highly liquid forex market.

Jin also argued that exchanges should establish a type of “market stability fund” for excessively leveraged transactions, expressing that this mechanism would provide liquidity support during crises and restore trust. Following the 100% tariff imposed by Donald Trump on Chinese imports, a significant sell-off wave led to the liquidation of positions worth approximately $20 billion, causing significant volatility in the markets. Jin's short position opened during this process has made him one of the most controversial traders in crypto history.