The most controversial figure in crypto has just taken a $128 million loss.
If you’re unfamiliar with him, here’s a brief backstory on Garrett Jin.
Jin was the operator behind BitForex—the same crypto exchange that abruptly disappeared in 2024 with nearly $57 million in user funds, despite fraud warnings issued by Hong Kong regulators. To this day, affected users have not recovered their assets.
Fast forward to October 11, 2025.
Garrett opened an enormous $1.1 billion short position on $BTC and $ETH via Hyperliquid. Just one minute later, former U.S. President Donald Trump announced 100% tariffs on China. Markets reacted violently.
Within 24 hours, over $19 billion in positions were liquidated across crypto markets. Garrett’s trade surged into profit, with his PnL reportedly touching $200 million in a single day.
The timing raised eyebrows across Crypto Twitter. CZ reposted an on-chain investigation, and Arkham Intelligence labeled the wallet as a “Trump Insider Whale.” Speculation exploded.
Garrett denied all allegations, stating the trade was based purely on macro analysis, not insider information.
After the massive win, sentiment shifted.
He flipped bullish and opened large long positions on BTC and ETH, reportedly worth hundreds of millions. The same aggressive conviction that made him famous soon worked against him.
ETF outflows increased, tariff concerns lingered, and Bitcoin began to slide. With BTC now trading around $77,000, Garrett’s positions unraveled. He was liquidated, locking in a $128 million loss.
The market, as always, had the final word.
Even those who seem to anticipate the future can’t win every trade.