Garrett Jin closes $170M BTC long, locks in $1M profit

Garrett Jin, BitForex’s founder, has closed his entire Bitcoin long position worth $170 million, or about 1,331 BTC, booking a final realized profit of $1.02 million. The position had been held for about three and a half months. Jin has faced allegations of profiting from insider trading ahead of the largest-ever forced liquidation event in October last year. Jin is now left only with a loss-making short position in Zcash. The position totals 39,760 ZEC, worth about $47 million, with unrealized losses reaching $24 million. Earlier today, Jin averaged down on the ZEC short position after losses mounted, then fully exited the profitable BTC long later the same day.