An Ethereum wallet linked to an alleged insider of former President Donald Trump made headlines again after it closed a massive Bitcoin short position on Wednesday, securing profits amounting to $6.4 million. This wallet had previously generated substantial earnings, reportedly close to $200 million earlier in the month, by shorting both Ethereum and Bitcoin just before a wave of record crypto liquidations following Trump’s tariff threats.
This particular Ethereum address, which concludes with “7283ae,” initially gained attention because it capitalized on the market volatility triggered by these threats on October 10, leading to a staggering $19 billion in crypto liquidations. The wallet’s recent trading activity began with a substantial $30 million deposit in USDC to the decentralized exchange Hyperliquid on Sunday, setting the stage for a massive short position on Bitcoin that the whale opened shortly afterward.
As Bitcoin’s price fluctuated between $109,000 and $113,000 on Tuesday, the whale benefitted when the price fell into Wednesday, allowing the short position to be closed successfully and realize the significant profit. In a notable turn of events, the value of Bitcoin saw a rise of over 2% on Thursday, crossing the $110,500 mark, which was higher than the prices at which the early short positions were established.
With the recent gains, the total profits amassed by this account on Hyperliquid have now reached nearly $100 million, according to blockchain data from Hyperliquid’s block explorer, Hypurrscan. Speculation persists about the ownership of this wallet, particularly regarding connections to Garrett Jin, the former CEO of BitForex. Jin has distanced himself from any claims of having insider knowledge or ties to Trump’s family, asserting that the account belongs to a client rather than himself.
The activity from this account over the previous month has shown a consistent pattern of depositing tens of millions into Hyperliquid for various perpetual trades, although it appears to hold a balance of $36 million without any open orders as of Thursday afternoon.
In a separate but timely development, an address linked to Jin made headlines again after successfully predicting that Trump would pardon Binance founder Changpeng “CZ” Zhao. This prediction, made through a Polymarket profile connected to Jin, resulted in a profit of $56,824 after the pardon was confirmed.
As the cryptocurrency landscape continues to evolve, the actions of this wallet highlight the complex interplay of trading strategies, market volatility, and potential insider speculation within the industry.
