Investigation Links Hyperliquid’s 100,000 BTC Whale to Former BitForex CEO

A new on-chain investigation has sent shockwaves through the crypto community: a whale controlling nearly 100,000 Bitcoin (BTC) on the decentralized derivatives platform Hyperliquid has reportedly been linked to Garrett Jin, the former CEO of BitForex. The connection, if verified, could have major implications for market integrity, regulation, and the reputation of one of the most mysterious figures in crypto.

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What the Investigation Found

The research was led by an on-chain investigator known as Eye, who analyzed wallet activity, ENS domain data, and exchange records to uncover what appears to be a trail pointing back to Jin. Here are the main findings:

1. Key wallet identified
   The primary address associated with the whale was found to be ereignis.eth. This ENS name — meaning “event” in German — is connected to another ENS, garrettjin.eth, which leads to Jin’s verified X (Twitter) profile, @GarrettBullish.
   (Source: Cointelegraph)

1. Suspicious transaction patterns
   The wallet reportedly moved large amounts of Bitcoin and Ethereum into staking contracts and exchange addresses previously associated with Jin, including Huobi (HTX). Some transactions also trace back to BitForex hot wallets, and the funds have allegedly been used to open enormous leveraged positions — including a $735 million BTC short.
   (Source: Cointelegraph)

1. BitForex background and Jin’s history

Jin served as CEO of BitForex from 2017 to 2020, a period when the exchange faced allegations of wash trading and unlicensed operations in several jurisdictions.

In 2024, BitForex suffered a $57 million loss from compromised wallets, halted withdrawals, and ultimately shut down after reports of executive detentions and missing funds.

After leaving BitForex, Jin was linked to multiple projects such as WaveLabs VC, TanglePay, IotaBee, and GroupFi, and in 2024 he launched XHash.com, a staking platform that — according to investigators — may have been used to move questionable funds.
(Source: Cointelegraph)

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Doubts, Criticism, and Skepticism

Despite the detailed chain analysis, many in the crypto community remain cautious:

Some analysts warn that the ENS evidence might be misleading or intentionally planted. “Having a .eth domain linked to a public X handle feels too obvious to be true,” said crypto analyst Quinten François.

On-chain correlation does not necessarily equal ownership. Wallets can be operated by teams, proxies, or bots, and some transactions may overlap coincidentally.

As of now, no official statement has been made by Jin or regulatory bodies confirming his direct control over the 100,000 BTC whale.

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Why It Matters

If the connection between the whale and Garrett Jin is proven, the implications could be far-reaching:

Reputational risk: Jin’s already controversial history with BitForex could take another hit, potentially damaging his standing in the industry.

Regulatory fallout: Authorities may open investigations into possible money laundering, market manipulation, or misuse of customer funds.

Market impact: Large whales have enormous influence on liquidity and sentiment; the revelation that such holdings may be tied to a controversial figure could shake confidence across exchanges.

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Conclusion

The “Eye” investigation has presented compelling evidence that the massive Hyperliquid whale — controlling roughly 100,000 BTC — could be linked to former BitForex CEO Garrett Jin. The ENS connections, transaction trails, and historical links create a convincing narrative. However, the evidence remains circumstantial: without verifiable confirmation or legal findings, the case remains an open question.

For now, this investigation underscores a key truth about the crypto world: transparency cuts both ways. Blockchain data can reveal powerful insights — but true accountability requires more than just on-chain speculation.