Bitcoin News Today: BitForex's Jin Linked to 100K BTC Whale as Experts Dismiss Evidence as Circumstantial

A controversial on-chain investigation has linked the Hyperliquid whale controlling over 100,000 Bitcoin (BTC) to Garrett Jin, the former CEO of collapsed exchange BitForex, as speculation mounts over potential market manipulation ahead of U.S. President Donald Trump's tariff announcements. The findings, shared by researcher Eye on X, trace the whale's wallet activity to Jin via Ethereum Name Service (ENS) domains and transaction patterns, though some analysts question the strength of the evidence.

The investigation highlights a main wallet, ereignis.eth, connected to garrettjin.eth, which directly links to Jin's verified X account, @GarrettBullish . The wallet's transactions, including large-scale BTC-to-ETH swaps and a $735 million Bitcoin short position, align with Jin's known business dealings and ties to exchanges like Huobi and Binance . Further, the wallet received funds traced back to BitForex-related addresses and Binance deposits, according to the report.

Jin, who led BitForex from 2017 to 2020, oversaw the exchange's collapse in 2024 after $57 million was siphoned from hot wallets, prompting Hong Kong's Securities and Futures Commission (SFC) to issue fraud warnings . Following BitForex's shutdown, Jin launched XHash, an institutional Ethereum staking platform, which investigators allege may have been used to launder questionable funds. Jin reportedly removed XHash from his social media profiles but retains the link on Telegram .

Not all experts accept the findings. Crypto analyst Quinten François dismissed the evidence as "too simple to be true," noting that a .eth name directly linking to a verified X account and market manipulation wallets seems suspiciously convenient . Others argue the investigation lacks concrete proof of Jin's direct involvement, emphasizing the circumstantial nature of the wallet connections.

Meanwhile, Binance CEO Changpeng Zhao shared Eye's findings but cautioned, "not sure of validity, hope someone can cross-check," underscoring the need for further scrutiny .

The allegations emerged amid a broader crypto market turmoil triggered by Trump's 100% tariff threat on Chinese imports, which sent Bitcoin tumbling below $110,000 and triggered a record $19 billion in liquidations . The timing of the whale's trades-particularly the $735 million short-has drawn attention, as the position was opened just before Trump's tariff announcement, which precipitated a 12% drop in Bitcoin .

Hyperliquid, the platform where the whale executed these trades, has faced criticism for its lack of transparency. Co-founder Jeff Yan accused centralized exchanges like Binance of underreporting liquidations during the crash, while Zhao defended Binance's actions in protecting users .

Jin denied any personal ownership of the funds, stating, "The fund isn't mine-it's my clients'," and claiming his activities involve running nodes for in-house insights . However, the BitForex collapse and subsequent ventures have left a trail of regulatory scrutiny. Hong Kong's SFC and Chinese authorities investigated BitForex's alleged fraud, with users still seeking recovery for millions in lost assets .

As the crypto industry grapples with questions of transparency and accountability, the case underscores the growing sophistication of blockchain forensics. Wallet clustering, ENS analysis, and behavioral pattern recognition are becoming critical tools, though experts caution against overreliance on circumstantial data .

[1] Investigation Links 100K BTC Hyperliquid Whale to ... (https://cointelegraph.com/news/hyperliquid-whale-linked-former-bitforex-ceo)

[2] 100,000 BTC Hyperliquid Whale Allegedly Linked to Former ... (https://finance.yahoo.com/news/100-000-btc-hyperliquid-whale-083447858.html)

[3] Hyperliquid Whale Linked to Ex-BitForex CEO Garrett Jin: Researcher (https://bitnewsbot.com/hyperliquid-whale-linked-to-ex-bitforex-ceo/)

[4] Hyperliquid Whale: Unraveling the BitForex Connection and Garrett ... (https://www.okx.com/learn/hyperliquid-whale-bitforex-connection)