Hyperliquid News Today: Hyperliquid Whale's BTC Stash Tied to BitForex CEO Sparks Doubt Over Evidence

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A blockchain investigation has linked a Hyperliquid whale holding over 100,000 BTC to Garrett Jin, the former CEO of now-defunct exchange BitForex, reigniting scrutiny over the trader's activities and the platform's governance. Crypto researcher Eye, known for on-chain sleuthing, traced the whale's primary wallet, , to an Ethereum Name Service (ENS) address--which directly connects to Jin's verified X (Twitter) handle, @GarrettBullish.

The analysis revealed that the whale's wallet activity aligns with Jin's known business history, including transactions tied to staking contracts, Huobi (HTX)-linked addresses, and BitForex-related funds. Notably, the wallet executed a $735 million Bitcoin short position on Hyperliquid in September 2025. Further, the whale recently moved $4.23 billion in BTC to ETH, staking 570,000 ETH via the Beacon Chain.

Jin led BitForex from 2017 to 2020, a period marked by allegations of fake trading volumes and unregistered operations in Japan. The exchange collapsed in 2024 after losing $57 million from hot wallets, freezing withdrawals, and facing fraud investigations by Hong Kong's SFC. Users reported millions in unrecovered funds, and Jin's post-2020 ventures-including WaveLabs VC, TanglePay, and XHash-have largely faded into obscurity.

XHash, a 2024 Ethereum staking platform, has drawn particular attention. Investigators allege it may have funneled questionable capital into institutional staking, though Jin removed the platform from his social media bios after the claims surfaced.

While Eye's findings have gained traction, some analysts question the evidence's validity. Quinten François, a crypto commentator, argued the direct ENS-X linkage "sounds too convenient," suggesting such a setup could expose the wallet to scrutiny. Binance's former CEO, Changpeng Zhao, also called for further verification.

Hyperliquid, a decentralized exchange with $330 billion in July 2025 trading volume, has not commented on the allegations. However, the whale's maneuvers-ranging from massive shorts to ETH staking-highlight the platform's role in facilitating high-stakes, institutional-grade trades.

Hyperliquid's native token, HYPE, hit a record $51.05 in late August 2025, fueled by platform growth. Despite recent volatility, the exchange's spot and derivatives volumes outpace centralized rivals like Robinhood and Kraken.

The controversy underscores broader concerns about transparency in decentralized finance (DeFi). While Hyperliquid's TVL surged to $5 billion by June 2025, the whale's activities-whether strategic or manipulative-raise questions about governance and accountability in protocols that pride themselves on decentralization.

[1] Hyperliquid (HYPE): S1 2025 Activity Report | OAK Research (https://oakresearch.io/en/reports/protocols/hyperliquid-hype-s1-2025-activity-report)

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

[8] Onchain investigator ties Hyperliquid whale to former BitForex CEO (https://www.cryptopolitan.com/hyperliquid-whale-former-bitforex-ceo/)

[11] 100,000 BTC Whale on Hyperliquid Linked to Former BitForex CEO (https://thecoinrise.com/100000-btc-whale-on-hyperliquid-linked-to-former-bitforex-ceo/)

[12] Hyperliquid faces whale manipulation claims as HYPE reaches new all-time high (https://www.coinsurges.com/hyperliquid-faces-whale-manipulation-claims-as-hype-reaches-new-all-time-high/)