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>>BitForex Founder Profits $11.24 Million on Zcash Short Position Following Exploit-Caused Plunge

BitForex Founder Profits $11.24 Million on Zcash Short Position Following Exploit-Caused Plunge

crypthub

6/7/2026, 11:30:25 PM

The Financial Transaction

Garrett Jin, founder of BitForex, reportedly profited $11.24 million from a short position on Zcash (ZEC). Blockchain analytics tracked this gain, noting that the profit stemmed from a major price drop. Jin opened the short position before the sharp decline and closed it as the token began to recover. This realized gain highlights a significant trade amidst market volatility.

The Triggering Event

The market panic was caused by the disclosure of a critical vulnerability in Zcash’s Orchard upgrade. Specifically, an infinite minting bug allowed for the potential creation of tokens. This news caused ZEC’s price to plummet dramatically from its peak. Although the bug was later patched, the security concerns drove the rapid price crash.

Underlying Context and Market Risk

Jin's actions are linked to BitForex, an exchange that later collapsed and was revealed to be insolvent. This association places Jin under intense regulatory scrutiny. The incident underscores general crypto market risks, emphasizing how insiders can profit from distressed assets. It also serves as a reminder of the need for market integrity and robust security measures.