BitForex founder closes ZEC short with $11.24M profit

Garrett Jin, founder of the fraudulent crypto exchange BitForex, has closed his Zcash (ZEC) short position, securing a profit of approximately $11.24 million overnight, Lookonchain reported. The move follows a sharp decline in Zcash's price last week after the discovery of an infinite minting bug related to its Orchard upgrade. The token hit a low of $250 on Binance before recovering to its current level of around $435. On June 5, Jin's position had an unrealized profit of up to $21.5 million, but he ultimately closed it for about half that amount.