2026年9月10日

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October 11 Crypto Flash Crash: Not a “Trump Insider” — Whale Allegedly Identified as Former BitForex CEO Garrett Jin ？

On October 11, the crypto market plunged suddenly. A mysterious whale reportedly profited over $160 million in a single day by shorting BTC and ETH, sparking widespread speculation of insider trading — even connections to Trump’s circle. However, blockchain sleuths now point to another name: Garrett Jin, the former CEO of BitForex. Is this insider manipulation or a masterclass in market timing?

2025年10月13日 來源: 金色財經

1. Flash Crash Fallout: Insider or Strategist?

Amid the October 11 market crash, a crypto whale reportedly closed massive short positions just minutes before the plunge — fueling rumors of insider information tied to a Trump tweet.

2. Chain Data Clarifies Profit Timeline

Hyperscan data shows the whale earned ~$88M from BTC and ~$72M from ETH shorting on October 11. The $190M figure circulating online includes earlier profits from an ETH long position made in late August.

3. On-Chain Clues: Could the Whale Be Garrett Jin?

Blockchain detective Eyeonchains traced wallet activity, ENS records, and ETH staking contracts to link the whale to Garrett Jin — an ex-BitForex executive with a history of controversy.

4. Who Is Garrett Jin?

  • BU economics graduate, formerly at CCB and Huobi.
  • CEO of BitForex (2017–2020), which later collapsed amid fraud allegations.
  • Involved in several crypto startups (WaveLabs, XHash, TanglePay), some of which have gone inactive or been criticized.
  • Currently associated with ETH staking platform XHash, allegedly used for fund movement.

5. Community Divided

While the wallet links and chain patterns are compelling, critics argue the evidence is circumstantial. Only a $40,000 USDT transfer links Jin directly to the whale — possibly from a friend or associate.

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