An extensive on-chain investigation has reportedly connected a significant Hyperliquid whale, controlling over 100,000 BTC, to Garrett Jin, the former CEO of the now-defunct cryptocurrency exchange BitForex. This development emerges as BitForex faces serious allegations of fraud and its collapse.
Key Takeaways
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A crypto researcher's investigation links a large Hyperliquid wallet to Garrett Jin, former BitForex CEO.
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The wallet's activity and associated ENS names allegedly point to Jin.
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BitForex collapsed in 2024 after losing millions and facing fraud accusations.
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Some analysts express skepticism about the strength of the evidence.
The Investigation Uncovered
Crypto researcher 'Eye' has presented findings suggesting that the main wallet of the Hyperliquid whale, identified as 'ereignis.eth', is linked to 'garrettjin.eth'. This ENS name, in turn, directly connects to Jin's verified X (formerly Twitter) account, @GarrettBullish. The researcher stated that the German word 'ereignis' (event) in the ENS name further solidifies the connection, identifying Jin as the operator behind substantial activities on Hyperliquid and Hyperunit.
The investigation also highlighted that the wallet's transaction history aligns with Jin's known business dealings. This includes transfers to staking contracts and addresses previously funded by exchanges with which Jin has had past associations, such as Huobi (HTX). Furthermore, the whale's wallet reportedly exchanged funds with addresses linked to BitForex and made Binance deposits that were used to initiate large trades, including a notable $735 million Bitcoin short position.
BitForex's Downfall
Garrett Jin led BitForex from 2017 to 2020. During his tenure and afterward, the exchange faced scrutiny. It was accused of falsifying trading volumes and was flagged by Japan's Financial Services Agency for operating without proper registration. In 2024, BitForex experienced a significant loss of $57 million from its hot wallets, subsequently froze withdrawals, and ultimately ceased operations after its team was reportedly detained in China. Hong Kong's Securities and Futures Commission (SFC) later issued a warning regarding suspected fraud, leaving users with millions in unrecovered funds.
Following BitForex's collapse, Jin founded several other ventures, including WaveLabs VC, TanglePay, IotaBee, and GroupFi. However, most of these projects have since become inactive. In 2024, he launched XHash.com, an institutional Ethereum staking platform, which investigators suggest may have been used to launder illicit funds. Following the surfacing of these allegations, Jin reportedly removed XHash from his social media bio, though it remains visible on his Telegram account.
Skepticism and Counterarguments
Despite the detailed findings, not all figures in the crypto space are convinced. Crypto analyst Quinten François has voiced skepticism, questioning the apparent simplicity of the alleged setup. François argued that linking a wallet directly to market manipulation and criminal activity through an ENS name pointing to a public social media profile seems "way too simple to be true."
Sources
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Investigation Links 100K BTC Hyperliquid Whale to Former BitForex CEO, Cointelegraph.
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Onchain investigator ties Hyperliquid whale to former BitForex CEO, Cryptopolitan.
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Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO, Crypto Adventure.
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