An onchain investigation by Bubblemaps has uncovered that a prominent trader connected to the so-called “10/10 whale” has suffered a staggering $128 million net loss, despite previously securing nine-figure profits. The wallet cluster, associated with former BitForex CEO Garrett Jin through onchain analysis, reportedly made around $100 million by shorting Bitcoin during the October 10, 2025 flash crash triggered by unexpected tariff announcements. However, subsequent aggressive long positions on Ethereum (ETH) using high leverage on Hyperliquid resulted in realized losses exceeding $200 million, completely wiping out earlier gains. Bubblemaps noted that had the trader simply held onto Bitcoin and avoided ETH altogether, the portfolio would have shown a profit of over $70 million. Instead, a series of outsized ETH longs—some with 50x leverage—led to repeated liquidations, with the protocol itself absorbing a $4 million deficit from insurance fund slippage during one such event. The same cluster has now returned to Hyperliquid, depositing fresh collateral, buying $10 million worth of HYPE tokens, and opening a $38 million short position on Zcash (ZEC). This behavior mirrors patterns seen in other high-frequency traders who alternate between spectacular wins and devastating losses, highlighting the risks of overconfidence and leverage in crypto markets. The saga underscores how a few large accounts can distort funding rates and liquidity, especially when they pivot from dominant short positions to extended long bets on volatile assets like ETH, HYPE, or ZEC.