Hyperliquid Whale Unmasked: Shocking 100,000 BTC Investigation Ties to Former BitForex CEO

A groundbreaking crypto investigation has sent ripples through the digital asset world. A mysterious entity, known as the Hyperliquid whale, controls an astounding 100,000 BTC. Recent findings now connect this colossal holder to a figure embroiled in controversy: Garrett Jin, the former CEO of the collapsed BitForex exchange. This revelation raises serious questions about transparency and accountability in the crypto space. Indeed, many observers wonder about the true identity behind such massive movements.

Unraveling the Hyperliquid Whale’s Identity

An extensive on-chain investigation recently unveiled startling connections. Crypto researcher ‘Eye’ meticulously traced the digital footprint of a significant Hyperliquid whale. This whale controls a staggering 100,000 BTC. The investigation pinpointed the whale’s primary wallet, labeled ereignis.eth. Further analysis linked this wallet to another ENS name, garrettjin.eth. This second ENS name directly points to Garrett Jin’s verified X (formerly Twitter) account, @GarrettBullish. Consequently, this digital trail provides compelling evidence.

Eye stated on X, “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.” Therefore, the researcher suggests a direct tie. Such detailed on-chain analysis is crucial in connecting digital identities to real-world individuals. This meticulous work helps to peel back layers of anonymity often found in cryptocurrency dealings.

The BitForex CEO Connection: Garrett Jin’s Digital Footprint

The investigation deepened by examining the wallet’s activity. Researchers found that its movements aligned with known business dealings of Garrett Jin. For example, the wallet executed transfers to various staking contracts. It also sent funds to addresses previously funded by exchanges Jin had historical ties with. Huobi (now HTX) was one such exchange. Moreover, the wallet received and dispatched funds traceable to BitForex-related addresses. These transactions further solidify the alleged connection.

Significantly, the wallet engaged in massive trades. It used Binance deposits to open a colossal $735 million Bitcoin (BTC) short position. This activity demonstrates the scale of operations associated with the wallet. The link between the Hyperliquid whale and the former BitForex CEO appears multifaceted. Researchers believe the transactional patterns support the direct connection. This evidence points towards a highly active and financially powerful individual.

BitForex’s Downfall and Allegations of Crypto Fraud

Garrett Jin served as CEO of BitForex from 2017 to 2020. The exchange later faced severe accusations. It was accused of falsifying trading volumes. Japan’s Financial Services Agency also flagged BitForex for operating without proper registration. These issues signaled growing regulatory concerns. Ultimately, the exchange’s reputation suffered significantly.

In 2024, BitForex experienced a major crisis. It lost $57 million from its hot wallets. Subsequently, it froze all withdrawals. The exchange eventually shut down after its team was reportedly detained in China. Hong Kong’s SFC then issued a warning regarding suspected crypto fraud. Many users claimed millions in unrecovered funds, highlighting the devastating impact of the collapse. This incident underscores the risks associated with unregulated exchanges.

Post-BitForex Ventures and On-Chain Analysis Insights

Following BitForex’s collapse, Jin embarked on several new ventures. He founded WaveLabs VC in 2020. TanglePay followed in 2021, then IotaBee in 2022, and GroupFi in 2023. However, most of these projects have since become inactive. This pattern raises questions about their longevity and success. In 2024, Jin launched XHash.com, a platform dedicated to institutional Ethereum staking. Investigators now allege that XHash.com may have facilitated the onboarding of questionable funds. This claim adds another layer to the ongoing scrutiny.

After these allegations surfaced, Jin reportedly removed XHash from his social media bios. Nevertheless, the platform remains visible on his Telegram account. This digital breadcrumb further fuels the crypto investigation. Such detailed on-chain analysis continues to reveal intricate networks and potential hidden agendas. The transparency of blockchain technology allows researchers to uncover these complex relationships.

Skepticism and the Future of Crypto Investigation

Not everyone fully accepts the claims linking the Hyperliquid whale to the former BitForex CEO. Crypto analyst Quinten François voiced skepticism. He argued that the evidence might appear too convenient. “Why would you have an .eth name leading to your X handle in a wallet that directly connects to market manipulation wallets and wallets for other crime?” he questioned on X. He added that such a setup “sounds way too simple to be true.”

François’s perspective highlights the complexities of digital investigations. It suggests the possibility of misdirection or elaborate schemes. However, the meticulous on-chain analysis conducted by ‘Eye’ presents a compelling narrative. Regardless of the immediate conclusions, this case emphasizes the critical role of vigilant research. It also underscores the need for robust regulatory frameworks in the evolving crypto landscape. Such investigations are vital for maintaining trust and integrity within the digital asset ecosystem.