Paul Johnson A major onchain investigation has revealed that the Hyperliquid whale controlling 100,000 BTC is linked to former BitForex CEO Garrett Jin, exposing deep crypto market connections and past exchange scandals.
Former BitForex CEO emerges behind the 100,000 BTC Hyperliquid whale
A major onchain revelation has sent shockwaves through the crypto community after analysts uncovered that the Hyperliquid whale controlling 100,000 BTC may be none other than Garrett Jin, the former CEO of BitForex. The now-collapsed exchange was once under investigation for fraud and suspicious withdrawals, and this latest connection has reignited scrutiny over Jin’s lingering footprint in the digital asset space.
According to a detailed onchain probe by crypto investigator Eye, multiple wallet connections and Ethereum Name Service (ENS) identities were traced back to Jin. The wallet in question, ereignis.eth, was discovered to be tied to garrettjin.eth, which in turn leads to Jin’s verified X profile, strengthening claims that he is the person behind the colossal Hyperliquid whale controlling 100,000 BTC.
Onchain data exposes deep wallet trails and exchange links
The blockchain evidence points to a complex web of transactions linked to Garrett Jin’s previous ventures. Eye’s findings indicate that the Hyperliquid whale controlling 100,000 BTC had extensive interaction with staking contracts and wallets associated with exchanges like Huobi (HTX), which Jin reportedly had past business relationships with.
Notably, one of the largest transfers from the whale’s wallet involved addresses connected to BitForex’s historical infrastructure. These transfers were further traced to Binance deposit accounts used for massive leveraged trades, including a staggering $735 million Bitcoin short.
Such wallet behavior mirrors the risk-heavy trading strategies BitForex was infamous for during its peak years, before it abruptly shut down amid regulatory scrutiny and missing customer funds.
The mysterious rise of Hyperliquid’s largest trader
The rise of the Hyperliquid whale controlling 100,000 BTC has been one of the biggest mysteries in the decentralized finance sector this year. Hyperliquid, a rapidly growing derivatives platform, has seen increasing liquidity and aggressive market activity from a small cluster of dominant traders.
Blockchain trackers first noticed the whale’s aggressive position building during major Bitcoin price swings, suggesting institutional-level strategy and capital depth. The recent connection to Garrett Jin, however, paints a more controversial pictureone that blends deep crypto expertise with a checkered past in centralized exchange operations.
If the findings hold true, it could raise major questions about whether Jin has been leveraging knowledge and capital from his previous exchange experience to exert influence on decentralized markets.
Investigators call for more transparency across crypto exchanges
The exposure of the Hyperliquid whale controlling 100,000 BTC has reignited conversations about transparency and accountability in the crypto ecosystem. Analysts argue that even in a decentralized world, anonymity cannot shield participants involved in potential manipulation or misuse of funds from failed platforms.
Crypto researcher Eye emphasized the importance of linking digital identities to verifiable entities, stating that such connections help prevent bad actors from re-entering the space under new guises. The overlap between Jin’s known addresses, his social profiles, and BitForex-related wallets underscores how blockchain transparency can uncover even the most carefully concealed footprints.
Meanwhile, market participants are urging regulators to investigate whether any of the funds tied to the whale could have originated from BitForex operations, particularly given the exchange’s unresolved customer fund disputes.
The broader impact on Bitcoin and Hyperliquid
News of the Hyperliquid whale controlling 100,000 BTC being linked to Garrett Jin could have significant implications for both Bitcoin and Hyperliquid markets. Onchain analysts note that Jin’s whale address has historically been active during periods of high volatility, often preceding large price swings in Bitcoin.
With over $7 billion worth of Bitcoin under control, such an entity holds the power to influence liquidity and sentiment across exchanges. Hyperliquid, on its part, has not released any official statement regarding the revelation, though the platform’s native community forums have been flooded with discussions questioning the fairness of its trading ecosystem.
Market experts also highlight that if regulators or onchain analytics firms confirm Jin’s connection, it may spark a wave of wallet freezes and legal actions across jurisdictions.
Crypto transparency proves its worth again
This investigation once again demonstrates how blockchain transparency remains one of crypto’s greatest strengths. The Hyperliquid whale controlling 100,000 BTC may have operated behind layers of smart contracts and DeFi anonymity, but immutable ledger data still brought the truth to light.
As crypto matures, such revelations serve as a stark reminder that no entity, regardless of their size or influence, can hide indefinitely from the public ledger. Whether this case leads to regulatory action or not, it has already strengthened the argument for greater scrutiny and identity verification in high-volume DeFi ecosystems.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards.
