**Crypto Trader Who Made $190M Shorting Bitcoin Now Bets $56K on CZ Pardon**
A crypto trader who previously gained widespread attention for making $190 million by shorting Bitcoin and Ethereum ahead of a major announcement from former President Donald Trump is under scrutiny once again. This time, the trader is allegedly connected to a $56,522 bet predicting that Trump will pardon Binance founder Changpeng “CZ” Zhao.
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### The Trader’s High-Profile Bets and Market Successes
The trader’s name has become well-known within the crypto community due to their remarkable ability to predict market moves. In 2018, they reportedly earned $190 million by shorting Bitcoin and Ethereum just hours before President Trump announced tariffs that triggered a sharp market downturn. These timely trades raised suspicions of potential insider knowledge.
Now, similar attention is focused on the trader’s recent wager on Polymarket, a decentralized prediction market platform. The trader placed a $56,522 bet that Trump would grant a pardon to CZ Zhao in 2025. Given Zhao’s ongoing legal challenges, the bet has drawn attention as potentially based on insider information.
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### Debates Over Possible Insider Knowledge
Speculation reignited around insider knowledge following the trader’s recent bet. On-chain analyst Euan pointed to the trade’s timing and the wallet’s connection to Polymarket as possible evidence of confidential information. Popular crypto commentator Coffeezilla echoed this skepticism, suggesting the trader might possess insight unavailable to the broader market.
However, not everyone concurs. Some argue that the pardon was widely anticipated in crypto circles, reducing the odds that the bet was surprising or insider-driven. Jacob King, CEO of Swan Desk, described the pardon as “obvious” and cited Zhao’s large $2 billion investment into the WLFUSD Stablecoin as a strong signal—or “pay-for-pardon” move—that preceded the prediction. King himself reportedly earned $956,000 by betting on the pardon outcome.
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### The $56K Pardon Bet and $2B WLFUSD Stablecoin Investment
Zhao’s legal entanglements and high-profile status in the crypto industry had made a potential presidential pardon a topic of widespread discussion. Industry insiders like King argue that Zhao’s massive $2 billion investment into the WLFUSD Stablecoin was a strategic gesture hinting at an arrangement for forgiveness.
While the $56,522 bet yielded a profit, some question its scale compared to the trader’s previous multi-million-dollar gains. This contrast fuels debate over whether the wager truly reflects insider trading or simply savvy market prediction.
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### Former BitForex CEO Garrett Jin Denies Wallet Connection
Amid ongoing speculation, Garrett Jin, the former CEO of BitForex, has publicly denied any association with the wallet linked to these trades. Jin had previously responded to rumors connecting him to the 2018 Bitcoin shorting wallet, strongly refuting those claims.
In recent statements, Jin clarified that his company manages funds on behalf of clients and provides internal market insights but does not engage in insider trading. Despite Jin’s denial, discussions about the wallet’s involvement in the trader’s past and present activities continue.
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### Conclusion
While suspicions about insider knowledge persist, many believe the trader’s consistent market success may stem from a keen understanding of crypto dynamics rather than illicit information. The case highlights the challenges of distinguishing between market foresight and insider trading in highly volatile and opaque markets like cryptocurrency.
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*Stay tuned for updates as this story develops.*
https://coincentral.com/crypto-trader-who-made-190m-shorting-bitcoin-also-bet-on-czs-pardon/