Garrett Jin Wipes Out $18.5M as Zcash Rockets Past $1,000

Zcash has skyrocketed past $1,000 for the first time in eight years, leaving many traders reeling. Among them is Garrett Jin, who has lost over $18.5 million on a short position in ZEC.

Data from Lookonchain shows that Jin had entered a massive short for 32,760 ZEC at prices well below the current level of $444. As Zcash's price surged in recent days, Jin was forced to add to his short position before ultimately realizing a loss of over $18.5 million.

Zcash has been one of the top performers in the past 24 hours, with its daily gains standing at over 21%. The token's value has doubled since August 19, when it traded at around $500.