- On-chain investigator Eye traces $735 million Bitcoin short to Garrett Jin identity.
- Whale sold over $4.23B in BTC for ETH through Hyperliquid platform trades.
- Former BitForex CEO denies personal ownership, claims client fund management.
On-chain investigator Eye has published analysis claiming to identify the mysterious Hyperliquid whale holding over 100,000 BTC. The entity sold more than $4.23 billion in Bitcoin to acquire Ethereum and placed a $735 million BTC short order on the platform.
During August and September, the whale sold over 35,000 BTC for ETH using both spot and perpetual markets via Hyperliquid/Hyperunit. The transactions involved multiple Bitcoin wallet addresses.
Eye analyzed the address that opened the $735 million Bitcoin short position, tracing fee payments through several wallet addresses. The investigation tracked funds flowing through Binance deposit addresses, ultimately connecting to the Ethereum Name Service address ereignis.eth.
Identity trail leads to crypto industry veteran
The ereignis.eth address maintains a second ENS name, garrettjin.eth, linking to X user Garrett Jin. The individual graduated with an economics degree from Boston University in 2008.
Jin’s career began as an intern at China Construction Bank, where he worked until 2011. He founded Da Yo Trading in Hong Kong in 2012, operating until 2014. Jin joined cryptocurrency exchange Huobi as Operations Director until 2015.
From 2017 to 2020, Jin served as CEO of BitForex exchange. The platform faced accusations of falsifying trading volumes and operated without registration according to Japan’s Financial Services Agency warning in 2023.
BitForex experienced a security breach in February 2024, with approximately $57 million withdrawn from hot wallets without explanation. The website became inaccessible, withdrawals froze, and operations ceased.
The BitForex team was detained in July 2024 for investigation by the Jiangsu province police in China. Hong Kong’s Securities and Futures Commission issued warnings for suspected fraud, with multiple users losing assets.
Binance CEO questions investigation accuracy
Binance founder CZ reposted Eye’s investigation while expressing uncertainty about its validity. “Not sure of validity. Hope someone can cross-check,” CZ stated.
Jin responded to CZ’s repost, stating he has no connection to the Trump family or Donald Trump Jr., and denied insider trading accusations. He clarified that the funds belong to clients rather than personal holdings.
“The fund isn’t mine — it’s my clients’. We run nodes and provide in-house insights for them,” Jin posted. He promised to explain bearish insights shared with clients and address industry improvement suggestions in follow-up posts.
Related: https://coinedition.com/altcoins-mispriced-btc-rally-ahead-after-last-week-crypto-selloff/
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