BitForex Founder Garners $13.5M Profit from Zcash Short Position Amid Exchange Collapse

Garrett Jin, the founder of the now-defunct cryptocurrency exchange BitForex, has made headlines for his recent trading activities. According to data from on-chain analytics firm Onchain Lens, Jin has accumulated over $13.5 million in unrealized profits from a short position on Zcash (ZEC).

The trade was executed on decentralized exchange Hyperliquid during a price slump triggered by a bug in Zcash's Orchard Pool protocol.

This move is notable not only for its significant profit but also because it comes amidst ongoing regulatory scrutiny of BitForex. The exchange, which collapsed in 2024 amid allegations of fraud and misappropriation of user funds, is currently under investigation by multiple regulatory bodies.