Hyperliquid Whale With 100,000 BTC Allegedly Linked to Former BitForex CEO Garrett Jin
A recent on-chain investigation has unearthed a compelling connection between the mysterious Hyperliquid whale controlling more than 100,000 BTC and Garrett Jin, the former CEO of the now-defunct exchange BitForex. The inquiry, conducted by blockchain investigator known as “Eye,” suggests that Jin may be the individual behind large-scale trading activities on Hyperliquid—a decentralized perpetual futures exchange that has seen rising activity in recent months.
The core of the investigation hinges on wallet analysis. According to Eye, the wallet identified as ereignis.eth—”ereignis” meaning “event” in German—has been linked through Ethereum Name Service (ENS) records to another wallet under the name garrettjin.eth. That second wallet is directly associated with Jin’s verified social media account, creating a digital breadcrumb trail pointing toward his involvement.
“The ENS name ereignis.eth confirms his operational control over this address, which plays a major role in Hyperliquid trading activity,” Eye stated. The wallet in question has participated in significant market moves, including a $735 million short position on Bitcoin. Moreover, its transaction history includes activity with staking contracts and wallet addresses previously associated with Jin’s professional dealings, such as those tied to Huobi (HTX).
Furthermore, funds sent to and from the whale wallet appear to trace back to BitForex-related addresses and Binance deposits—used to execute large trades. This deepens the suspicion that Jin may still be active in the crypto trading arena, despite his public absence from the industry.
Garrett Jin led BitForex between 2017 and 2020, during which the exchange was accused of inflating trading volumes. In 2020, Japan’s Financial Services Agency flagged BitForex for operating without registration. The platform’s troubles deepened in 2024 when it reportedly lost $57 million from its hot wallets, leading to frozen withdrawals and eventual shutdown. Reports later surfaced that the exchange’s team had been detained in China, and Hong Kong’s Securities and Futures Commission issued a fraud warning.
After BitForex’s collapse, Jin launched several ventures: WaveLabs VC in 2020, TanglePay in 2021, IotaBee in 2022, and GroupFi in 2023. However, most of these projects have either gone silent or become inactive. In 2024, Jin introduced XHash.com, a staking platform targeting institutional clients. Investigators believe XHash may have played a role in onboarding potentially illicit funds. Notably, after these allegations surfaced, Jin removed XHash from his social media bios, though references to it remain on his Telegram account.
Despite the mounting evidence, not everyone is convinced by the claims. Crypto analyst Quinten François voiced skepticism, arguing that the supposed links are too overt to be genuine. “Why would someone use an ENS name that directly points to their social media in a wallet allegedly used for manipulation or illicit activity? It feels too obvious,” he said. His comments highlight the possibility that the connection may be a red herring or even part of an intentional misdirection.
Still, the clues are difficult to ignore. The wallet behavior not only aligns with Jin’s known business history but also shows consistent interactions with exchanges and addresses previously associated with BitForex and related ventures. This raises broader questions about accountability in decentralized finance (DeFi), where pseudonymity can obscure the identities of powerful actors.
The case also underscores the growing sophistication of blockchain forensics. Investigators now rely heavily on ENS names, transaction histories, and wallet clustering to attribute identities and trace financial flows. As DeFi continues to expand, these tools will become essential for maintaining transparency and exposing bad actors.
The broader implication is that large trading entities—so-called “whales”—can exert massive influence over price movements and market sentiment. If indeed Jin is behind the Hyperliquid whale, his ability to move nine-figure positions highlights just how concentrated power remains in the crypto space.
Additionally, the overlap between centralized exchange veterans and current DeFi participants casts a shadow over the narrative that DeFi is entirely free from the problems of traditional finance. The same individuals accused of mismanagement or fraud in centralized platforms may be migrating their influence to decentralized environments, where oversight is more challenging.
This investigation may prompt regulatory bodies to reconsider how they monitor DeFi platforms. If individuals like Jin can allegedly shift funds and operate pseudonymously, it raises concerns about money laundering, market manipulation, and the exploitation of technological loopholes.
Investors and users alike must be cautious. While blockchain offers transparency at the technical level, identifying the real players behind complex operations still requires meticulous detective work. For those operating within DeFi, the lesson is clear: anonymity is not invincibility, and every transaction leaves a trail.
As Hyperliquid continues to attract significant volume and attention, the role of the 100,000 BTC whale will remain under scrutiny. Whether or not Garrett Jin is ultimately proven to be behind the wallet, the investigation has already ignited a broader conversation about accountability, transparency, and the blurred lines between centralized and decentralized finance.