BitForex oga Garrett Jin lock down $11.24M profit for Zcash short after Orchard bug
Blockchain analytics firm Lookonchain tok say BitForex founder Garrett Jin don close one big Zcash (ZEC) short, dem realize about $11.24 million profit. The position dem open before ZEC sharply sell off last week, wey come after dem show one "infinite minting" vulnerability linked to Zcash Orchard upgrade. E be say dem no exploit am and dem patch am later, but the headline make people fear say dem fit create tokens anyhow and push ZEC down.
ZEC reportedly trade as low as about $250 for Binance on June 5, before e partly recover to around $435. For the peak, Jin unrealized profit estimate near $21.5 million. He later comot for the trade during the rebound, lock about half of the peak gains.
The report still talk about BitForex collapse: withdrawals dem freeze early 2024, and the exchange later declared insolvent, make users no fit access funds. Regulators and law enforcement reportedly dey investigate Jin, dey raise questions about market integrity and fund flows.
For traders, this na solid example how Zcash (ZEC) derivatives fit react to protocol-level security news. Early positioning fit benefit from catalyst-driven volatility, but the direction fit change quick when sentiment calm down.
Neutral
Di kain na event na one-off, trade-level mata tie to protocol-security headlines. Even though Orchard "infinite minting" disclosure make sharp, tradable volatility for ZEC and fit affect short-term sentiment, dem say the vulnerability no exploit and dem don patch am. New information show say the ZEC short don almost realize (about $11.24M), but e no change ZEC long-term risk profile fundamentally beyond the security concerns wey dem don already address. So, near-term volatility effects dey, but overall price impact on ZEC likely neutral once market digest the fix and sentiment calm down.