A mysterious Hyperliquid trader controlling over 100,000
has been linked to Garrett Jin, the former CEO of the now-defunct cryptocurrency exchange BitForex, according to an on-chain analysis by researcher Eye. The connection stems from wallet activity tied to Jin's (ENS) identities, including "ereignis.eth" and "garrettjin.eth," which directly link to his verified X account, @GarrettBullish. The analysis suggests Jin's involvement in significant Bitcoin and trades, including a $735 million short position on Bitcoin .
The investigation further reveals that Jin's wallets interacted with funds from exchanges like Huobi (HTX) and Binance, as well as addresses previously associated with BitForex. These connections raise questions about the origins of the whale's funds, particularly given BitForex's history of fraud allegations, including accusations of inflating trading volumes and a 2024 hot wallet hack that resulted in a $57 million loss . Post-BitForex, Jin founded XHash.com, an institutional Ethereum staking platform, which some researchers allege may have been used to legitimize questionable funds. Following the recent revelations, Jin reportedly removed references to XHash from his social media profiles .
The alleged Hyperliquid whale sold over $4.23 billion worth of Bitcoin for Ethereum between August and September, using multiple wallets to execute trades. On-chain data shows these BTC funds originated from exchanges including HTX, OKX, and Binance, with some linked to BitForex's past operations. The whale's activities coincided with a broader market crash that wiped $1.23 billion from over 6,300 Hyperliquid wallets, with 205 wallets losing more than $1 million apiece .
Despite the evidence, skepticism persists. Crypto analyst Quinten François questioned the strength of the claims, arguing that the direct links between Jin's ENS names and the whale's wallets "sound too simple to be true" . Others, including Binance CEO Changpeng Zhao (CZ), have called for further verification. Meanwhile, the U.S. Securities and Futures Commission has warned of suspected fraud related to BitForex, and user complaints about unrecovered funds continue .
The timing of the alleged trades overlaps with a broader crypto market downturn triggered by U.S. President Donald Trump's announcement of a 100% tariff on Chinese imports. The move caused $18.28 billion in liquidations across the industry, with Bitcoin dropping nearly 10% and Ethereum falling 14% . While the
tariff link remains unproven, some analysts suspect the Hyperliquid whale's actions exacerbated the crash, though no definitive evidence ties the two events .Source: [1] Hyperliquid Whale Linked to Ex-BitForex CEO Garrett Jin: Researcher (https://bitnewsbot.com/hyperliquid-whale-linked-to-ex-bitforex-ceo/)
[2] PA Daily | Binance will compensate users affected by the
, ... (https://www.panewslab.com/en/articles/9d178dcc-301d-48f0-bd89-4b58dbc02707)[3] Real-Time Crypto News Feed | 24/7 Flash News | Phemex (https://phemex.com/news/article/hyperliquid-whale-garrett-jin-alters-privacy-settings-after-identity-leak-25903)
[4] The biggest short-selling mysterious whale in 1011 is not a Trump ... (https://cointeeth.com/news/the-biggest-short-selling-mysterious-whale-in-1011-is-not-a)
[6] Investigation Links 100K BTC Hyperliquid Whale to Former ... (https://cointelegraph.com/news/hyperliquid-whale-linked-former-bitforex-ceo)
[7] Trump's new 100% tariffs on China triggered a $19 billion crypto ... (https://www.cnn.com/2025/10/11/business/trump-tariffs-crypto-selloff)
[9] EXCLUSIVE: Was the Latest Major Crash Actually an Attack on ... (https://en.bitcoinsistemi.com/exclusive-was-the-latest-major-crash-actually-an-attack-on-binance-cz-makes-a-statement-deepening-the-mystery/)
Comments
No comments yet