The recent activity of a suspected crypto trader has caught the attention of the cryptocurrency community after they reportedly earned over $56,000 by betting on a future pardon for Binance founder Changpeng “CZ” Zhao. On-chain sleuths identified a connection between the trader’s wallet and a Polymarket account that placed the wager, suggesting a possible insider advantage. This comes amid heightened scrutiny of market participants who seemingly timed their trades around significant political events.
The trader is believed to have engaged in significant shorts of Bitcoin and Ethereum just hours before Trump announced a 100% tariff on China on October 10, raising suspicions about access to insider information. Many speculate that the trader might have known about potential presidential pardons, leading to profitable bets that mirror market expectations tied to political outcomes.
Garrett Jin, a well-known executive in the crypto space, has strongly denied any connection to the wallet involved in these trades. Critics have pointed to on-chain data showing Jin’s wallet opening a short position on Bitcoin less than an hour before Trump’s tariff announcement, fueling accusations of insider trading. Jin clarified that his activities are client-driven, stating, “The fund isn’t mine — it’s my clients’. We run nodes and provide insights for them.”
Jin also reiterated, “I have no connection with the Trump family,” dismissing claims that he was involved in insider trading. Despite the speculation, concrete evidence linking Jin to the wallet remains unsubstantiated, though the incident continues to fuel debates on transparency and ethics in crypto trading.
Market analysts and crypto insiders largely agree that the timing of the trades was obvious given the geopolitical context. Jacob King, CEO of Swan Desk, revealed he made nearly $1 million betting on Trump’s pardon of CZ. He commented, “Especially after CZ invested over $2 billion into WLFUSD Stablecoin, the move practically screamed pay-for-pardon.”
Crypto commentator Abbas echoed skepticism about insider trading allegations, questioning the plausibility of someone with presidential access using such information for modest gains. “You really think someone with access to the President of the United States would use insider information to make just $56k?” Abbas remarked, emphasizing that the pardon was a widely discussed scenario among market watchers for some time.
This article was originally published as Crypto Trader Profiting from Trump’s Tariff Crash Wins Big on Pardon Bet on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
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