n a new onchain investigation, a researcher known as Eye has tied the mysterious 100,000 BTC Hyperliquid whale to Garrett Jin, the former CEO of BitForex; a now-defunct crypto exchange once accused of falsifying trading data. The finding, which surfaced on X (formerly Twitter), has ignited discussions across the crypto space about transparency, accountability, and the blurred lines between centralized and decentralized trading activity.

The analysis comes just days after broader market turmoil, adding another layer of intrigue to an already volatile week for traders. While many have praised the precision of the onchain evidence, others question whether the connection between Jin and the Hyperliquid whale is as clear-cut as it appears.

Tracing the 100,000 BTC Whale: The Garrett Jin Connection

The investigation began when the onchain analyst Eye who highlighted a wallet labeled ereignis.eth, which directly connects to another Ethereum Name Service address; garrettjin.eth. This ENS name reportedly leads to Jin’s verified X handle, @GarrettBullish, reinforcing suspicions that the two identities are linked.

According to Eye’s findings, the wallet associated with the Hyperliquid whale shows a transaction history consistent with Jin’s known dealings. These include transfers to staking contracts and addresses funded by exchanges he has previously been connected to, such as Huobi (HTX). More notably, investigators traced large-scale transactions back to BitForex-related addresses and Binance deposits used to open massive leveraged positions, including a Bitcoin short estimated at $735 million.

Jin served as BitForex’s CEO between 2017 and 2020, during which time the exchange was accused of inflating trading volumes and later flagged by Japan’s Financial Services Agency for operating without proper registration. The exchange’s eventual shutdown followed a series of controversies, including a $57 million hot wallet loss in 2024 that left users unable to withdraw funds for days.

After BitForex’s collapse, Jin launched several ventures; WaveLabs VC, TanglePay, IotaBee, and GroupFi, though most became inactive. In 2024, he reportedly founded XHash.com, an institutional Ethereum staking platform that some investigators now believe may have been used to move questionable funds. Following the allegations, Jin removed the project from his social media bios but retained references on Telegram.

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Doubts, Binance Exploit, and the Broader Trust Problem

Despite the apparent link, not everyone agrees with the findings. Former Binance CEO Changpeng Zhao commented that the claims remain unverified and should be cross-checked. Crypto analyst Quinten François also voiced skepticism, arguing that the setup, having an .eth address tied directly to a personal X account “sounds way too simple to be true”.

The discussion unfolded amid heightened market tension following the October 11 Binance crash, which analysts from Wu Blockchain now suspect may have been a coordinated exploit. Attackers reportedly manipulated collateral assets like USDE, wBETH, and BnSOL within Binance’s unified margin system, triggering large-scale liquidations. The result was over $500 million to $1 billion in estimated losses and widespread forced position closures.

While Binance’s Co-Founder and Chief Customer Service Officer, He Yi, confirmed that affected users will be compensated for verified losses, the event reignited familiar concerns around centralized exchange vulnerabilities, system delays, and frozen accounts during volatile periods.

In that context, the Hyperliquid case represents a broader shift in focus. not just about who controls massive positions, but how users perceive transparency and risk in modern trading platforms.

What the Hyperliquid Whale Scandal Reveals About Crypto’s Future

The recent mix of investigations and exchange instability has underscored a clear sentiment among traders, a growing distrust of centralized systems. Platforms like Hyperliquid, despite their own controversies, offer an increasingly attractive model: non-custodial trading, transparent ledgers, and user-controlled assets.

As crypto markets mature, the debate around the Hyperliquid whale linked to BitForex CEO Garrett Jin may evolve beyond one person’s identity. It’s a reflection of where the industry stands, between opacity and openness, speculation and accountability. For users seeking greater control, the path forward might lie in platforms that minimize intermediaries and let code, not reputation, define trust.