An onchain investigation by crypto researcher Eye has linked the mysterious Hyperliquid whale, who controls over 100,000 BTC, to Garrett Jin, the previous CEO of BitForex, a now-defunct change embroiled in a fraud scandal.
In a Saturday post on X, the onchain sleuth famous that the whale’s fundamental pockets, ereignis.eth, was linked to one other ENS identify, garrettjin.eth, which straight leads to Jin’s verified X (Twitter) account, @GarrettBullish.
“The ENS identify ereignis.eth (“occasion” in German) confirms his hyperlink to this pockets, figuring out him because the actor behind the large-scale operations on Hyperliquid/Hyperunit,” Eye wrote on X.
The pockets exercise additionally matched Jin’s recognized enterprise dealings, together with transfers to staking contracts and addresses funded by exchanges he had previous ties with, reminiscent of Huobi (HTX).
Additional, the whale’s pockets acquired and despatched funds that traced again to BitForex-related addresses and to Binance deposits used to open huge trades, together with a $735 million Bitcoin (BTC) quick.
Associated: Trader loses $21M on Hyperliquid after private key leak: How to stay protected
BitForex accused of fraud
Jin led BitForex from 2017 to 2020. The change was later accused of falsifying buying and selling volumes and flagged by Japan’s Monetary Providers Company for working with out registration.
In 2024, BitForex lost $57 million from its scorching wallets, froze withdrawals and in the end shut down after its crew was detained in China. Hong Kong’s SFC later issued a warning for suspected fraud, and customers claimed thousands and thousands in unrecovered funds.
Following BitForex’s collapse, Jin based a number of ventures, together with WaveLabs VC (2020), TanglePay (2021), IotaBee (2022) and GroupFi (2023). Most of those initiatives have since turn out to be inactive.
In 2024, he launched XHash.com, a platform for institutional Ethereum staking, which investigators allege might have been used to onboard questionable funds. After the allegations surfaced, Jin reportedly eliminated XHash from his social media bio, although it stays seen on his Telegram account.
Associated: MetaMask, Infinex tap Hyperliquid to challenge CEXs in perps market
Not everyone seems to be satisfied
Crypto analyst Quinten François expressed skepticism over the claims linking the Hyperliquid whale to the previous BitForex CEO, arguing that the proof could also be too handy.
“Why would you have got an .eth identify main to your X deal with in a pockets that straight connects to market manipulation wallets and wallets for different crime?” he wrote on X, including that such a setup “sounds manner too easy to be true.”
Journal: Worldcoin’s less ‘dystopian,’ more cypherpunk rival — Billions Network
Cointelegraph by Amin Haqshanas Investigation Links 100K BTC Hyperliquid Whale to Former BitForex CEO cointelegraph.com 2025-10-12 07:56:58
Source link
