PANews reported on October 14th that Garrett, the whale who had precisely shorted before the previous plunge and sold over $4.23 billion worth of BTC to ETH, Jin posted on the X platform: "Our clients hold a large amount of spot cryptocurrency. Short positions are only a partial hedge. If liquidity is sufficient, larger positions can be opened. Compared to the losses in spot positions, clients are actually suffering overall losses. We are bullish in the long term, but that doesn't mean we won't hedge in the short term. If short positions are blamed when prices fall, should long positions be blamed when short positions are liquidated when prices rise? Currently, the crypto market is highly correlated with the US stock market. If you don't stay up to date with the latest information, you will fall behind. We remain bearish. The recent price rebound is mainly driven by overly long leveraged funds. The October 11th crash wiped out most leveraged players. A sustainable market rally is unlikely until exchanges establish stabilization funds to restore market confidence. Clients may be mistaken, but they have deep expertise in risk management. The 'smart money concept' in trading emphasizes tracking institutional order flow, not blindly following retail investors. Instead of chasing various indicators, it's better to track market structure, liquidity, and trade execution. There are no conspiracy theories in the world. Stop making excuses for your ignorance and unprofessionalism."

According to previous news, analysts said that Garrett Jin may not be the mastermind of insider trading, and the two co-founders of WLFI are suspected of being involved.