Investigation Links 100,000 BTC Whale to Former BitForex CEO Garrett Jin

An onchain probe by crypto investigator Eye has established a connection between the enigmatic Hyperliquid whale, who possesses over 100,000 BTC, and Garrett Jin, the former CEO of BitForex, a now-defunct exchange linked to fraudulent activities.

In a post shared on X this Saturday, the investigator indicated that the whale’s primary wallet, ereignis.eth, is associated with the ENS name garrettjin.eth, which directs to Jin’s authenticated X account, @GarrettBullish.

“The ENS name ereignis.eth, meaning ’event’ in German, substantiates his association with this wallet, identifying him as the individual orchestrating significant operations on Hyperliquid/Hyperunit,” Eye noted on X.

The wallet’s transactions appear to align with Jin’s recognized business activities, such as transfers to staking contracts and addresses supplied by exchanges with which he previously collaborated, including Huobi (HTX). Furthermore, the whale’s wallet showed transactions linked back to BitForex-associated addresses and Binance deposits used for substantial trades, including a remarkable $735 million Bitcoin short.

Crypto research associates Hyperliquid whale with ex-BitForex chief: Source

BitForex Accused of Fraud

Jin managed BitForex from 2017 until 2020. The exchange faced allegations of inflating trading volumes and was pointed out by Japan’s Financial Services Agency for operating without appropriate registration.

In 2024, BitForex reportedly lost $57 million from its hot wallets, halted withdrawals, and ultimately ceased operations following the detention of its team in China. The Securities and Futures Commission of Hong Kong later issued a warning concerning suspected fraud, while users reported substantial unrecovered losses.

Post-BitForex’s fall, Jin initiated several ventures, which include WaveLabs VC (2020), TanglePay (2021), IotaBee (2022), and GroupFi (2023). However, most of these projects have since been rendered inactive.

In 2024, he introduced XHash.com, an institutional Ethereum staking platform, which investigators suspect might have been utilized to launder illicit funds. After the allegations came to light, Jin allegedly removed XHash from his social media bio, despite it still being displayed on his Telegram account.

Doubts Surrounding the Claims

Crypto analyst Quinten François expressed reservations regarding the allegations linking the Hyperliquid whale with the former BitForex CEO, suggesting the evidence might be overly convenient.

“Why would you have an .eth name leading to your X handle in a wallet that clearly connects to market manipulation wallets and wallets linked to other crimes? This arrangement sounds far too straightforward to be accurate,” he articulated on X.