Privacy Coin ZEC Crashes 43%, Whale Short Position Gains $16.48M with 137.8% Return

ZEC, the flagship asset in the privacy coin sector, suffered an abrupt sell-off. According to on-chain analyst Ai Yi, the token tumbled 43% within 24 hours, completely wiping out the gains accumulated over the preceding two months. At the time of reporting, ZEC had dropped from an entry price of $626.47 to $327.59.

The crash handed a massive windfall to trader Garret Jin. His short position, originally worth $19.45 million, now shows an unrealized profit of $16.48 million—a staggering 137.8% return. Remarkably, this profit is almost enough to offset the $18.14 million in unrealized losses on his separate BTC short trade. Garret Jin currently tops the ZEC unrealized profit leaderboard on the decentralized derivatives exchange Hyperliquid.