An open letter to the U.S. Congress

Investigate Suspicious Crypto Trade Linked to Trump Tariff Announcement

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I am writing to express my deep concern over a recent incident that suggests potential insider trading related to President Trump's tariff announcement. I urge you to call for an immediate and thorough independent investigation into this matter. On the day of President Trump's announcement of 100% tariffs on Chinese imports, a crypto trader made an astounding $192 million profit by shorting Bitcoin just minutes before the news broke. This trader opened a new account on Hyperliquid, a decentralized derivatives exchange, mere hours before placing a heavily leveraged short position approximately 30 minutes prior to the announcement. The timing and scale of this trade are highly suspicious. It coincided with the largest crypto liquidation event of 2025, causing Bitcoin to plummet and threatening to breach the $110,000 support level. The broader cryptocurrency market suffered over $19 billion in liquidated leveraged positions and a staggering $400 billion reduction in total market capitalization. On-chain data reveals that the trader's profits skyrocketed from under $40 million to over $104 million within hours, with a 24-hour realized profit and loss of $88.5 million. The trader swiftly withdrew funds in multiple USDC transfers of $9.99 million each, further raising red flags. The sophistication, timing, and magnitude of this trade strongly suggest that the trader may have had access to market-moving political information. This potential breach of confidentiality and abuse of insider knowledge undermines the integrity of our financial markets and the trust in our political institutions. I implore you to push for a comprehensive, independent investigation into this matter. We must determine whether there was a leak of confidential information from within the administration or if other forms of market manipulation were at play. The investigation should examine all relevant parties, including government officials, their associates, and the unknown trader. Ensuring the fairness and transparency of our markets is crucial for maintaining public trust and the stability of our financial system. Swift action on this matter is essential to demonstrate our commitment to market integrity and to deter any future attempts at exploiting insider information for personal gain. Thank you for your attention to this critical issue. I look forward to hearing about the steps you will take to initiate this investigation and protect the interests of all Americans in our financial markets.

▶ Created on October 12 by Electronic Frontier Foundation

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