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On Friday, October 10, at approximately 4:29 p.m. Eastern, a Bitcoin whale executed significant leveraged short positions, spending $80 million on Bitcoin and $30 million on Ethereum shortly before both cryptocurrencies crashed following President Trump’s announcement of a 100% additional tariff on Chinese imports. The crash resulted in Bitcoin declining by 7% and Ethereum by 10%, yielding over $150 million in profits for the whale.
Speculation arose about the identity of the whale, with online investigations linking the wallet to Garret Jin, the former CEO of the now-defunct BitForex exchange, which shut down in 2024 due to a fraud scandal. This connection raised concerns of potential insider trading in the crypto market.
In the aftermath of these events, the implications for future trades from this wallet remain uncertain, yet they will likely continue to attract scrutiny and influence trader behavior in the volatile cryptocurrency market.
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