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- On-chain sleuths link Hyperliquid’s top whale to ex-BitForex CEO Garrett Jin.
- Over $4.23B in BTC reportedly sold for ETH ahead of major market crash.
- BitForex’s 2024 collapse resurfaces amid renewed fraud allegations.
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An explosive on-chain report from investigator EyeOnChain has identified the mysterious Hyperliquid whale controlling over 100,000 BTC as Garrett Jin, the former CEO of the now-defunct crypto exchange BitForex, accused of a $56.5 million exit scam in 2024.
The investigation traced Jin’s alleged holdings through a web of wallets and ENS domains — ereignis.eth and garrettjin.eth — connecting historical transactions on Binance and HTX to the same individual. During his tenure, BitForex was accused of falsifying volumes and operating without regulatory approval in Japan.
1/ An investigation into the alleged identity of the mysterious Hyperliquid/Hyperunit whale, who holds over 100,000 BTC. Recently, he sold over $4.23B in BTC to acquire ETH and is the same person behind the $735M BTC short order placed on the same platform. pic.twitter.com/WeNvmiYP8v
— Eye (@eyeonchains) October 11, 2025
$4.23B Bitcoin Sale and a $735M Short Shock Markets
EyeOnChain reports the whale sold over $4.23 billion in BTC for ETH and opened a $735 million Bitcoin short just before President Trump’s tariff announcement that triggered a market-wide crash.
Jin responded to the claims on X (formerly Twitter), stating, “The fund isn’t mine — it’s my clients’,” denying any link to insider trading or the Trump family. Binance founder Changpeng “CZ” Zhao amplified the thread but added, “Not sure of validity, hope someone can cross check.”
The fund isn’t mine — it’s my clients’. We run nodes and provide in-house insights for them.
— Garrett (@GarrettBullish) October 13, 2025
The on-chain trail further reveals Jin’s wallets received over 570,000 ETH, later staked via Ethereum’s Beacon Deposit Contract under his company, XHash, founded in 2024.
BitForex’s Collapse Still Casting a Shadow
BitForex abruptly froze withdrawals in February 2024 after over $56.5 million vanished from hot wallets, leaving users locked out of funds. Its CEO Jason Luo resigned days earlier, and Hong Kong’s SFC later issued fraud warnings.
Following EyeOnChain’s report, Jin removed XHash from his profile bio and changed his display picture, further fueling speculation. Investigators now believe the ETH staked via XHash may have originated from BitForex-linked wallets.
Also Read: Hyperliquid Hypurr NFT Airdrop Soars to $65K Floor with $300M Market Value
A Familiar Pattern of Crypto Controversy
The allegations arrive as Hyperliquid, Jin’s alleged trading venue, faces scrutiny for its transparency claims. Co-founder Jeff Yan accused centralized exchanges of underreporting user liquidations, prompting a subtle rebuttal from Binance’s CZ.
Whether Jin truly controls the $5 billion trove remains unverified — but the blockchain trail is narrowing fast.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
