Is this TON short position using ZEC as a hedging tool?

CoinWorld News reports that the TON short position has increased by 418,280.80 ZEC, which is approximately $978,256.63 at the current price. The position size is $4,988,641.56, with an average price of $2.06, and a current profit and loss of -$13,897.12 (-0.56%). The current coin price is $2.06, and the liquidation price is $6.87. This address shorted ZEC starting at $184, once experiencing an unrealized loss of $21 million, later turning profitable, and recently becoming the largest long position in the S&P 500, with a scale exceeding $70 million.