The wild nature of the cryptocurrency markets has returned for some major altcoins, such as the privacy coin leader, Zcash (ZEC). The token skyrocketed to a new multi-year peak of just over $1,000 earlier today.
The move caught many traders, including Garrett Jin, unprepared. Data from Lookonchain outlined his massive loss due to a short squeeze.
The analysts provided a screenshot from a wallet linked to Jin, showing that he had entered a massive short for 32,760 ZEC (currently worth over $33 million) at prices well below the current level of $444.
Given the asset’s substantial rally in the past several days, Jin had to add to his short position over time before ultimately realizing a loss of over $18.5 million.
As $ZEC broke above $1,000, Garrett Jin (@GarrettBullish) has lost over $18.5M on his 32,760 $ZEC ($33.11M) short.https://t.co/bLk5NAoS2r pic.twitter.com/YiAA6oySEo
— Lookonchain (@lookonchain) September 4, 2026
The privacy coin is among the top performers in the past 24 hours. Its daily gains stand at over 21% as of now, as its price jumped to $1,020 for the first time in eight years. Moreover, ZEC’s value has doubled since the market broke out on August 19, when it traded at around $500.
Data from CoinGlass indicated that the total value of wrecked ZEC positions is up to $36 million, meaning Jin’s wipeout accounted for half of it.
The post Garrett Jin’s ZEC Short Bleeds Over $18M as Zcash Explodes Past $1,000 appeared first on CryptoPotato.
Source: https://cryptopotato.com/garrett-jins-zec-short-bleeds-over-18m-as-zcash-explodes-past-1000/
