- Onchain analysis links a major Hyperliquid trader controlling over 100,000 Bitcoin to Garrett Jin, former BitForex CEO.
- Researcher Eye found wallet connections between Jin’s ENS usernames and addresses tied to significant crypto transactions.
- Transactions included links to past exchanges like Huobi (HTX) and Binance, and involvement in a $735 million Bitcoin short position.
- BitForex was previously accused of falsifying trading data and suffered a $57 million loss before shutting down in 2024.
- Some analysts question the evidence, suggesting the blockchain links to Jin may be too straightforward to be true.
An onchain investigation has connected a large Hyperliquid trader who holds over 100,000 Bitcoin to Garrett Jin, the former CEO of the now-defunct cryptocurrency exchange BitForex. Research shared Saturday on X by the onchain analyst known as Eye points to wallet links between Jin’s Ethereum Name Service (ENS) identities and addresses active in substantial Bitcoin and Ethereum trades.
Eye identified a main wallet, “ereignis.eth,” tied to “garrettjin.eth,” which connects directly to Jin’s verified X account, @GarrettBullish. The post suggests that this confirms Jin’s role in the large-scale trading activity taking place on the Hyperliquid platform.
The analysis shows that the wallets not only matched business dealings traced to Jin, including transfers into staking contracts but also interacted with funds sent from exchanges such as Huobi (HTX). The report further alleges connections between the whale addresses and previous BitForex wallets, as well as funds used to open significant trades, including a $735 million short position on Bitcoin.
BitForex operated from 2017 to 2020 under Jin’s leadership. It later faced accusations of inflating trading volumes and was flagged by Japanese regulators for lacking registration. In early 2024, BitForex lost $57 million from its hot wallets and subsequently froze withdrawals before shutting down. Hong Kong’s Securities and Futures Commission later warned of suspected fraud, and user complaints of unrecovered funds followed.
After the closure, Jin launched several crypto ventures, including WaveLabs VC and XHash.com, a staking service for institutional clients. Investigators suggest XHash may have handled questionable funds. Following the allegations, Jin reportedly removed references to XHash from some social media accounts, though it remains listed on his Telegram profile.
Despite these findings, not all experts agree on the conclusions. Crypto analyst Quinten François voiced doubt about the strength of the evidence, noting on X that the clear wallet links may be too “simple to be true.”
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- 5 Real-World Uses That Could Drive Shiba Inu (SHIB) Price Higher
- Crypto Crash Could Signal Start of Bull Market, Analysts Say
- Crypto Retailers Blame Trump Tariffs, Analysts Cite Deeper Causes
- Crypto Bloodbath: $20B Liquidated in Worst Sell-Off Ever
- Bitcoin Crash Triggers $5B Liquidations, Volatility Persists Post-ETF
