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A crypto trader who reportedly made millions by shorting the crypto market ahead of US President Donald Trump’s tariff announcement appears to have once again profited from a bet that Trump would pardon the founder of Binance.
Detective on the chain Euan pointed to Etherscan data to establish a connection between the merchant and the Polymarket account. The cryptocurrency reportedly made $56,522 on Polymarket betting that Trump would pardon Changpeng “CZ” Zhao sometime in 2025.
The cryptocurrency trader was already suspected in crypto circles of having access to insider knowledge after their closely timed shorts in Bitcoin and Ethereum — just hours before Trump’s tariff announcement sent prices tumbling.
Some believe that the merchant must also have known about grace.
Cryptocurrency boss Garett Jin denies owning the wallet address
“Seems like obvious insider knowledge,” Coffeezilla investigator he said in X’s post to his 736,600 followers on Thursday, sharing a post by onchain sleuth Eye, who said he “knows something we don’t”.
Former BitForex CEO Garrett Jin did previously denied be behind the cryptocurrency that opened a short position in bitcoin less than an hour before Trump announced “100% tariffs on China” on October 10.
Jin reiterated that he had “no connection to the Trump family” and denied allegations of insider trading after crypto researcher Eye claimed that controlled the wallet address used by whale to short bitcoins.
In a separate X post a few days later on October 13, Jin he said“The fund is not mine, but my clients’. We run the nodes and give them inside information.”
Market participants say the trade “was obvious” anyway
Swan Desk CEO Jacob King he said in X’s post Thursday that the pardon “was obvious,” revealing that he made $956,000 in profits betting that Trump would pardon Zhao.
Related: Trump on clemency CZ: I was told that what he did was not even a crime
“Especially after CZ invested over $2 billion in the WLFUSD Stablecoin. This move practically screamed pay for forgiveness,” King said.
Meanwhile, crypto commentator Abbas also disputed allegations of insider trading.
Abbas he said“Do you really think that someone with access to the President of the United States is going to use inside information to make $56,000?”
Abbas said the pardon was not an “extremely unlikely event” and had been talked about “forever”.
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