ZEC skyrocketed past $1,000 for the first time in eight years.
The wild nature of the cryptocurrency markets has returned for some major altcoins, such as the privacy coin leader, Zcash (ZEC). The token skyrocketed to a new multi-year peak of just over $1,000 earlier today.
The move caught many traders, including Garrett Jin, unprepared. Data from Lookonchain outlined his massive loss due to a short squeeze.
The analysts provided a screenshot from a wallet linked to Jin, showing that he had entered a massive short for 32,760 ZEC (currently worth over $33 million) at prices well below the current level of $444.
Given the asset’s substantial rally in the past several days, Jin had to add to his short position over time before ultimately realizing a loss of over $18.5 million.
As $ZEC broke above $1,000, Garrett Jin (@GarrettBullish) has lost over $18.5M on his 32,760 $ZEC ($33.11M) short.https://t.co/bLk5NAoS2r pic.twitter.com/YiAA6oySEo
— Lookonchain (@lookonchain) September 4, 2026
The privacy coin is among the top performers in the past 24 hours. Its daily gains stand at over 21% as of now, as its price jumped to $1,020 for the first time in eight years. Moreover, ZEC’s value has doubled since the market broke out on August 19, when it traded at around $500.
Data from CoinGlass indicated that the total value of wrecked ZEC positions is up to $36 million, meaning Jin’s wipeout accounted for half of it.
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