An on-chain investigation has connected a prominent Hyperliquid whale controlling over 100,000 BTC to Garrett Jin, the former CEO of the now-defunct BitForex exchange, amid ongoing fraud allegations.
Key Takeaways:
- A crypto researcher on X traced a Hyperliquid whale wallet, ereignis.eth, to Garrett Jin via the Ethereum Name Service (ENS) name garrettjin.eth, linking it to his verified X account, @GarrettBullish.
- Transactions from the whale include BitForex-related addresses, Binance deposits, and a $735 million Bitcoin short, reflecting high-value market activity.
- Jin’s prior ventures, including BitForex and XHash.com, have faced regulatory scrutiny, raising concerns about potential market manipulation.
Crypto researcher on X (formerly Twitter) @eyeonchains, also known as Eye, identified a Hyperliquid whale controlling more than 100,000 BTC and traced the wallet, ereignis.eth, to Garrett Jin through his ENS name, garrettjin.eth. This name links directly to Jin’s verified X account, @GarrettBullish.
Research thread claiming a Hyperliquid whale is linked to ex-BitForex CEO Garrett Jin. Source: Eye on X
The wallet’s activity shows concentrated transactions involving Ethereum staking contracts and large transfers across multiple crypto platforms. Investigators, particularly Eye, noted patterns consistent with Jin’s previous business dealings, which further reinforced suspicions about him being involved in these massive transactions.
Wallet Analysis Traces Funds to Exchanges and Bitcoin Short
Further examination of ereignis.eth reveals connections to BitForex-associated addresses, Binance deposits, and significant trades including a $735 million Bitcoin short. The wallet’s movement of funds suggests the whale may have leveraged prior industry connections to execute substantial trades on Hyperliquid.
Analysts note that such activity could influence crypto investment behavior, as whales with holdings this large can impact market liquidity and pricing dynamics. The magnitude of these transactions underscores the whale’s ability to move markets if they choose to liquidate significant portions of their portfolio.
Skepticism Emerges Over Evidence Linking Whale to Jin
Despite on-chain evidence, some experts remain cautious about drawing definitive conclusions. Crypto analyst Quinten François expressed skepticism, questioning whether the ENS name could be manipulated to connect a whale wallet to Jin convincingly. He noted that such a setup “sounds way too simple to be true,” emphasizing the need for further verification before the community fully attributes market activity to Jin.
The debate reflects broader challenges in crypto wallet transparency and the difficulty in conclusively linking high-value wallets to specific individuals, even with publicly available blockchain data.
Current Bitcoin Market Performance
At the time of writing (9:30AM UTC), Bitcoin (BTC) is trading at approximately $111,446, logging a modest drop of 0.2% over the past 24 hours. In the day, the token reached a peak price of $112,576 and intraday lows near $109,862, according to CoinGecko.
Outlook: Vigilance Amid Whale Activity
The identification of a 100,000 BTC Hyperliquid whale linked to Garrett Jin shows potential risks for broader crypto market. While BTC is currently seen in a sideways movement and stable price action after the broader crypto market dump, analysts do not remove the possibility of any large-scale liquidation by the whale, which could trigger a noticeable volatility.
Investors and traders are advised to monitor and look closely on on-chain data and market indicators, as the movements of high-value wallets continue to play a significant role in short-term crypto investment dynamics.
Summary
An on-chain probe tied ereignis.eth—a Hyperliquid whale with 100,000+ BTC—to ex-BitForex CEO Garrett Jin via ENS/X links, though some analysts urge caution about attribution. The wallet’s exchange flows and a $735M BTC short highlight market-moving capacity; BTC hovered near $111.4K.
