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New on-chain probe links Hyperliquid whale to ex-BitForex CEO
Recent on-chain investigations have identified a so-called Hyperliquid whale controlling over 100,000 Bitcoin (BTC), and found links to Garrett Jin, the former CEO of BitForex. BitForex previously faced allegations of fraud and operating without a license; users reportedly lost millions in funds when the exchange was shut down. Blockchain researchers say the whale’s main wallet corresponds to the ENS name ereignis.eth and shows connections to garrettjin.eth and Jin’s verified X profile.
On-chain evidence and large trades
Analysts from Eye, an on-chain research group, traced transfers from wallets tied to BitForex and Binance to the Hyperliquid wallet. Transaction patterns include moves to staking contracts and to addresses associated with exchanges that Jin allegedly interacted with. The wallet is also linked to high-leverage activity: reports indicate it used transferred capital to open massive positions, including a $735 million Bitcoin short.
Skepticism and market implications
Not everyone agrees the evidence is definitive. Some analysts warn that on-chain links can be ambiguous and easily misinterpreted. Regardless, the findings underscore persistent concerns about crypto whales, market transparency, and counterparty risk on centralized exchanges. Traders and institutional investors should be aware of how concentrated holdings and opaque exchange activity can influence Bitcoin price dynamics and liquidity.
What this means for traders
Whether the ties to Garrett Jin are conclusive or not, the story is a reminder to monitor on-chain signals and exchange flows. Risk management, position sizing, and due diligence on custodians and counterparties remain essential strategies in a market where single large actors can move prices rapidly.
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