Crypto researcher Eye’s on-chain investigation has linked the mysterious hyperliquid whale that controls more than 100,000 BTC to Garrett Jin, the former CEO of BitForex, the exchange now embroiled in a fraud scandal.
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“The ENS name ereignis.eth (“event” in German) confirms his link to this wallet, identifying him as the actor behind the large-scale operations on Hyperliquid/HyperUnit,” I wrote on X.
The wallet activity also matches Jin’s known trading transactions, including transfers to contracts and addresses funded by exchanges such as Huobi (HTX), with which he had previous relationships.
Additionally, the whale’s wallet received and sent funds that were returned to BitForex-related addresses and Binance deposits, which were used to open large-scale trades, including the shorting of $735 million Bitcoin (BTC).
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BitForex accused of fraud
Jin led BitForex from 2017 to 2020. The exchange was later accused of rigging trading volumes and flagged by Japan’s Financial Services Agency for operating without registration.
In 2024, BitForex lost $57 million from its hot wallet, withdrawals were halted, and it was eventually shut down after its team was detained in China. Hong Kong’s SFC subsequently issued warnings of suspected fraud, and users claimed millions of unaccounted funds.
Following the collapse of BitForex, Jin founded several ventures, including WaveLabs VC (2020), TanglePay (2021), IotaB (2022), and GroupFi (2023). Most of these projects have since become inactive.
In 2024, he launched XHash.com, a platform for institutional Ethereum staking, which investigators allege could be used to launder suspicious funds. After the allegations surfaced, Jin reportedly removed XHash from his social media bio, although it appears on his Telegram account.
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Not everyone is convinced
crypto analyst quinton francois Express Skeptical of claims linking Hyperliquid whales to the former BitForex CEO, arguing that the evidence may be too convenient.
“Why would you have a .eth name leading up to your X handle in a wallet that connects directly to a wallet that commits market manipulation and other crime?” He wrote on X, saying that such a setup “seems too simple to be true.”
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