A blockchain analysis suggests the former CEO of BitForex was a major trader of Hyperliquid, potentially holding 100,000 Bitcoin.

Hyperliquid Whale Identity Revealed

Crypto researcher Eye has linked the substantial Hyperliquid whale, controlling over 100,000 BTC, to Garett Jin, the former CEO of BitForex. This connection was made through an onchain investigation tracing the whale's main wallet, ereignis.eth, to a verified X handle belonging to Jin, @GarrettBullish. The wallet activity reportedly aligns with Jin’s past business dealings and financial transactions.

BitForex's Troubled History

BitForex, under Jin’s leadership from 2017 to 2020, faced numerous challenges, including operating without a license in Japan and allegations of falsified trading volumes. The exchange experienced financial setbacks, including the loss of $57 million and halted withdrawals. Hong Kong's SFC subsequently issued a warning for suspected fraud, resulting in significant user losses.

Recent Activities and Skepticism

Jin has been involved in various ventures following BitForex’s collapse, some of which are now inactive. His recent launch of XHash.com, an Ethereum staking platform, is now under scrutiny. While some accept the link between Jin and the Hyperliquid whale, others, including former Binance CEO Changpeng Zhao, express skepticism regarding the investigation’s validity.