Amid Controversy, Trader Accused of Market Manipulation Wins Bet on Changpeng Zhao’s Presidential Pardon
- How Did a Trader Profit from Changpeng Zhao’s Pardon?
- Trump, CZ, and the Suspicious Timing
- The Data Behind the Trades
- Political Fallout and Crypto’s Trust Problem
- FAQ: Your Questions Answered
In a twist that’s reignited debates over insider trading in crypto, a trader linked to a massive $200 million short position last October has now profited from a $56,500 bet predicting Changpeng Zhao’s pardon by Donald Trump. Critics, including Senator Elizabeth Warren, call it "blatant corruption," while market watchers question the timing. Here’s the full story, complete with financial data, political fallout, and a DEEP dive into the allegations.
How Did a Trader Profit from Changpeng Zhao’s Pardon?
The crypto world is no stranger to controversy, but the recent pardon of Binance founder Changpeng Zhao (CZ) has added fuel to the fire. On October 24, 2025, a Polymarket user dubbed "bigwinner01" cashed out a $56,500 profit after correctly betting on CZ’s presidential pardon. The kicker? The same trader—allegedly Garrett Jin, ex-founder of BitForex—had previously netted $200 million from a short position opened just before Trump’s tariff policy announcement triggered a market crash. Coincidence? Critics aren’t buying it.
Trump, CZ, and the Suspicious Timing
The dots connect like a conspiracy theorist’s dream: CZ pleaded guilty to money laundering in 2023, later advised Trump’s crypto venture (World Liberty Financial) on its USD1 stablecoin, and now gets pardoned. "This stinks of a backroom deal," tweeted Joe Lonsdale, a top TRUMP donor. Even MAGA loyalists are uneasy—Senator Warren called it "a slap in the face to financial regulation." Meanwhile, the $56,500 Polymarket gain seems trivial compared to October’s $200 million haul, leaving some to wonder: Was this a trial run for bigger plays?
The Data Behind the Trades
According to CoinMarketCap, Binance’s BNB token dipped 12% on October 11, 2025—the day "bigwinner01"’s Hyperliquid short position paid off. Fast-forward to the pardon, and Polymarket’s odds swung from 30% to 95% in 48 hours. "That’s not luck; that’s privileged intel," argues a BTCC analyst who requested anonymity. TradingView charts show unusual BNB volume spikes ahead of both events, though no smoking gun ties Jin directly to the trades.
Political Fallout and Crypto’s Trust Problem
Democrats are seizing the moment to push stricter crypto legislation. "If Congress doesn’t act, we’re enabling this corruption," Warren declared. The irony? Trump’s pro-crypto stance once thrilled the industry. Now, even supporters like Lonsdale admit the pardon "looks terrible." For crypto skeptics, it’s proof the market remains a Wild West—one where a well-timed bet can outshine ethics.
FAQ: Your Questions Answered
Who is Garrett Jin?
The alleged "bigwinner01" and former BitForex CEO, though he hasn’t publicly claimed the Polymarket account.
How much did the trader earn total?
Roughly $200 million from October’s short trade plus $56,500 from the pardon bet.
Is there proof of insider trading?
Circumstantial at best—no direct evidence links Jin to Trump’s pardon decision.
What’s next for crypto regulation?
Expect tougher Senate hearings, especially if Democrats retain power in 2026.
