U.S. President Donald Trump has reportedly pardoned Binance founder Changpeng "CZ" Zhao on Oct. 23.
But Zhao wasn't the only one to benefit from the move; one trader on prediction platform Polymarket also cashed in.
"Black Swan" investor Garrett Jin reportedly earned about $56,000 in profits after wagering on Zhao's pardon through the prediction platform. His only position on Polymarket was in the market titled "Will Trump Pardon Changpeng Zhao in 2025?" — a bet he had been accumulating steadily over the past several weeks, as per a post by on-chain analytics platform Arkham Intelligence.
Who is Garrett Jin?
Jin had already built a reputation for uncanny timing.
His wallets on decentralized derivatives platform Hyperliquid were spotted opening massive short positions just 30 minutes before the Oct. 10 market crash that erased over $19 billion in value in merely hours.
On Oct. 9, a crypto wallet linked to Jin transferred $80 million to a Hyperliquid account, opening a massive $420 million Bitcoin short. Within hours, the position expanded to 3,600 BTC, and another $30 million was soon deployed to short Ether.
By the next day, Jin controlled 6,200 BTC and 91,000 ETH shorts worth over $1.1 billion, with unrealized profits of $27 million. Minutes before Trump announced a 100% tariff on China, Jin reportedly increased his exposure again. As markets crashed, he swiftly closed most positions, netting about $150 million. Many observers called the move "too perfect."
Analysts had linked the addresses to several long-dormant "OG whale" accounts before Jin admitted to controlling these wallets. However, he denied any insider ties to the Trump family or access to nonpublic information.
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Binance founder pardoned
U.S. President Donald Trump reportedly granted a pardon to Zhao , according to The Wall Street Journal on Oct. 23.
This marked a remarkable political revival for one of crypto's most prominent figures, hinting that the Trump administration could be charting a notably different course on digital-asset policy.
According to the WSJ report, the pardon came after months of quiet communication between Zhao and Trump's inner circle, including reported efforts by the Binance founder to back a crypto initiative connected to the Trump family.
Sources told the publication that Trump officially signed the pardon on Oct. 22.
Zhao took to X to thank the President, giving his word to "do everything we can to help make America the Capital of Crypto and advance web3 worldwide."
This story was originally reported by TheStreet on Oct 23, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
