A mysterious whale who profited $192 million from the recent market crash has now doubled down on their short position, totaling almost $496 million. This aggressive move comes after opening a $163 million position yesterday, marking their continued bet against the market over the past week.

The whale, known as the “insider whale,” gained attention for opening a significant short position just before President Trump’s tariff announcement, causing a market crash. Speculation points to a potential connection with Garrett Jin, former CEO of BitForex, although Jin claims the funds belong to clients, not him personally.

Blockchain sleuths initially linked the whale to Jin, but further investigation suggests it may be a friend of his. Jin clarified the situation on social media, denying any insider trading allegations and stating that the funds in question belong to clients for whom he provides insights.

The identity of the whale behind the massive short position remains a topic of speculation and intrigue within the crypto community, with ongoing discussions and debates surrounding the true owner of the wallet. Jin’s involvement and clarification have added another layer of complexity to the situation.

Read more at Cointelegraph: HyperLiquid Whale Loads Up Almost $500 Million On New BTC Short