Whale Goes Zcash-ual: Privacy Coin Stash Turns $88M Into $320M While Its Own Short Says "Seen Enough

A wallet linked to trader Garret Jin withdrew 202,080 $ZEC from Binance and Zcash on December 24 of last year in two separate transfers worth roughly $88.3 million at the time, according to a screenshot Jin shared on his X account. The first transfer moved 134,000 $ZEC, valued at approximately $58.6 million, and was followed minutes later by a second withdrawal of 68,080 $ZEC worth about $29.7 million.

On-chain data reviewed by the trader shows the assets were initially routed into Zcash shielded addresses, the network's privacy feature that obscures transaction details, before being returned to transparent addresses within minutes. All 202,080 $ZEC remain under the control of the same wallet. With $ZEC trading near $1,580, the position is now worth approximately $320 million, an increase of about $232 million in dollar terms since the December withdrawals.

Separately, Jin holds a short position of roughly 38,000 $ZEC on the Hyperliquid derivatives platform, currently valued at about $60 million. That short carries an unrealized loss of approximately $34.5 million. Market participants describe the short as functioning as a partial hedge against the larger spot holding, meaning gains on the short would offset a portion of any decline in the spot position if $ZEC prices reversed.

The trader has not disclosed the strategy behind the simultaneous spot accumulation and short exposure. Zcash's privacy architecture, which allows users to move funds between shielded and transparent pools, has been cited by the trader as a factor in monitoring the wallet activity. The figures and on-chain movements were drawn from Jin's own posts and from public blockchain records referenced in those posts.

*This is not investment advice.