Alleged ‘Trump Insider Whale’ Closes $200 Million Bitcoin Short

The bitcoin kit that was previously allegedly had ties to President Trump’s family— which the founder of the crypto startup associated with the wallet has denied — closed a BTC short position worth more than $200 million on Wednesday ahead of a rally in the price of Bitcoin.

The Ethereum address ending in “7283ae” gained attention earlier this month when he made close to $200 million in short sales Bitcoin and Ethereum just before Trump’s threats of tariffs on October 10—threats that caused market volatility that led to a record $19 billion cascade of crypto liquidations.

The most recent activity of the address started with deposit of USD 30 million in USDC to the Hyperliquid Perpetual Futures Decentralized Exchange on Sunday.

Soon after, the whale started opening a huge short position in Bitcoin or betting on the asset’s price to fall. Prices for the short mark ranged from around $109,000 to as high as $113,000, which is where Bitcoin rose on Tuesday.

But as the price of Bitcoin fell Tuesday afternoon into Wednesday, the trade began to pay off — eventually racking up more than $6.4 million in profits when the short positions were finally closed out.

The trade ended up being smartly timed once again, as Bitcoin rallied more than 2% on Thursday, now changing hands at $110,500 – above the price for early short positions established by “7283ae”.

With an additional $6.4 million in profits locked in this week, the account has now amassed nearly $100 million in total profits on Hyperliquid to date, according to data from Hyperliquid block explorer, Hypurrscan.

The address is associated with former BitForex CEO Garrett Jinwho said he was not affiliated with the Trump family and did not rely on insider information before putting on those shorts ahead of the liquidation frenzy two weeks ago.

In the past month, the account has routinely deposited tens of millions of dollars in cryptocurrency to Hyperliquid to open perps trades or bet on the future price of a particular asset. Address currently has a balance of $36 million in its perps account, which can be used to open new positions—although there are no open orders as of Thursday afternoon.

While Jin claims the account belongs to a client and not his, an address linked to the former stock exchange executive himself was in the news Thursday after he made more than $50,000 by correctly predicting that President Trump sorry Binance founder and former CEO, Changpeng “CZ” Zhao.

According to data collected by blockchain analytics firm Arkham, a Polymarket profile with views on “Will Trump Pardon CZ?” the market is associated with Jin. That account started buying “yes” shares 26 days ago at $0.30 and continued buying until October 11, with no other positions open in other markets.

Trump pardoned Zhao on Thursdayclearing the market in Jin’s favor and ultimately netting him $56,824 in profit.