Crypto investigator Eye has linked a massive Hyperliquid whale, holding over 100,000 BTC, to Garrett Jin, the ex-CEO of the now-defunct BitForex exchange, which was previously involved in fraud allegations.
In a post on X, Eye revealed that the whale’s primary wallet, ereignis.eth, appears connected to another ENS name, garrettjin.eth, which leads directly to Jin’s verified X account, @GarrettBullish.
Eye noted, “The ENS name ereignis.eth (‘event’ in German) confirms this wallet’s connection, pointing to him as the individual behind large-scale Hyperliquid and Hyperunit operations.”
The wallet’s transactions align with Jin’s previous business activity, including transfers to staking contracts and addresses linked to exchanges he had prior ties with, such as Huobi (HTX). Additionally, funds moved to and from this wallet can be traced back to BitForex-related addresses and Binance deposits used for significant trades, including a $735 million BTC short position.
BitForex’s Controversial Past
Garrett Jin led BitForex from 2017 until 2020. The exchange later faced accusations of faking trading volumes and was flagged by Japan’s Financial Services Agency for unregistered operations.
In 2024, BitForex suffered a $57 million loss from its hot wallets, froze withdrawals, and eventually shut down after its team was detained in China. Hong Kong’s SFC issued warnings over suspected fraudulent activity, with users reporting millions in unrecovered funds.
After BitForex’s collapse, Jin launched several ventures, including WaveLabs VC (2020), TanglePay (2021), IotaBee (2022), and GroupFi (2023), most of which are no longer active. In 2024, he introduced XHash.com, an institutional Ethereum staking platform, which investigators claim may have facilitated the movement of questionable funds. Following these allegations, Jin reportedly removed XHash from his social media profiles, though it remains listed on his Telegram account.
Skepticism Remains
Not everyone is convinced by the onchain findings. Crypto analyst Quinten François expressed doubts, suggesting the connections might be too straightforward.
“Why would someone link an .eth name to their X handle in a wallet tied directly to market manipulation and other questionable wallets? That setup seems almost too obvious,” he wrote on X.
Download the FREE Bitcoin Mining eBook
Kickstart your mining journey with essential insights:
https://bitmernmining.com/landing-page-ebook-download/
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always intere
