Zcash (ZEC) tumbled below the $400 mark after a vulnerability was discovered in the Orchard Pool, a key privacy-enhancing component of the Zcash network. The flaw dented confidence in ZEC’s anonymity features, triggering a wave of selling that pushed the price lower.
Onchain Lens data shows that Garrett Jin, a whale often labeled by the community as the “1011 insider whale,” had opened a 3x leveraged short position on ZEC prior to the drop. The position is now sitting on over $13.5 million in unrealized profits as ZEC slid.
At the same time, Jin’s other major bet — a 5x leveraged long position on Bitcoin — is nursing losses exceeding $17 million. This stark divergence between his leveraged short on ZEC and leveraged long on BTC underscores the perils of high-risk directional trades in a volatile market. Jin’s addresses have historically been noted for pre-positioning ahead of major news, reinforcing the insider whale moniker.