ZEC Wallet Holding Estimated 202,080 Coins... Possible Hedge for $60M Short

A wallet allegedly belonging to Garet Jin is estimated to hold around 202,080 ZEC worth approximately $88.3 million (about 122.5 billion KRW), according to PANews. The wallet withdrew a total of 202,080 ZEC from Binance on December 24 last year—68,080 coins valued at $29.7 million and an additional 134,000 coins shortly after. After fully liquidating the holdings, the wallet reacquired all the coins, maintaining a full position today. Hyperliquid shows a ZEC short position of 38,000 coins with unrealized losses of $34.5 million (about 47.8 billion KRW). PANews suggests this short may be hedging part of the wallet's holdings.