Zcash (ZEC) surged past $1,000 for the first time in eight years, triggering a short squeeze that cost trader Garrett Jin over $18.5 million. His loss accounted for roughly half of all ZEC positions liquidated in the move, according to CoinGlass.
Zcash punched through $1,000 for the first time in eight years, and the move caught trader Garrett Jin badly exposed on the wrong side of the market. Data from Lookonchain shows a wallet linked to Jin held a short position of 32,760 ZEC, worth over $33 million at current prices.
Jin had opened the short at prices well below $444, then added to the position over time as Zcash kept climbing. As a result, he realized a loss of over $18.5 million once the rally overran his bet.
The privacy coin is among the top crypto performers of the past twenty-four hours. Its daily gains stand at over 21%, pushing the price to $1,020 for the first time in eight years. Zcash's value has doubled since the market broke out on August 19, when it traded at around $500.
CoinGlass data puts the total value of wrecked ZEC positions at up to $36 million. Jin's wipeout accounted for half of that total.
Source: CryptoPotato
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