BitForex Founder Garners $11.24M Profit from Exploit-Driven Zcash Price Crash

Garrett Jin, the founder of BitForex, a now-defunct cryptocurrency exchange, made a substantial profit from a short position on Zcash following an exploit-driven price crash.

The trade resulted in a gain of approximately $11.24 million for Jin, according to blockchain analytics firm Lookonchain. This figure is based on the data available and may not reflect the actual amount earned by Jin.

The price collapse was triggered by the discovery of an infinite minting bug associated with Zcash's Orchard upgrade. The bug could have allowed attackers to create unlimited tokens out of thin air, leading to a sharp decline in ZEC's value on Binance.