In a shocking revelation that has sent ripples through the cryptocurrency community, the on-chain investigative firm EyeOnChain has allegedly pinpointed the enigmatic whale behind a staggering 100,000 BTC stash. This powerhouse, reportedly linked to the former CEO of the now-defunct BitForex, Garrett Jin, has resurfaced amidst a cloud of allegations and financial intrigue. As the dust settles from the suspected $56.5 million exit scam that collapsed BitForex in early 2024, the details surrounding this hidden figure are beginning to emerge.
EyeOnChain’s investigation unearthed a series of connections tying the whale’s wallet addresses back to Jin, utilizing Ethereum Name Service domains such as ereignis.eth and garrettjin.eth. These address links unravel a narrative that extends back to Jin’s earlier days at Huobi, raising serious questions about the integrity of his operations.
1/ An investigation into the alleged identity of the mysterious Hyperliquid/Hyperunit whale, who holds over 100,000 BTC. Recently, he sold over $4.23B in BTC to acquire ETH and is the same person behind the $735M BTC short order placed on the same platform. pic.twitter.com/WeNvmiYP8v— Eye (@eyeonchains) October 11, 2025
Why is this significant? The implications of this investigation extend far beyond a single individual’s financial maneuvers. If the allegations hold true, they reflect a troubling trend of mismanagement and potentially fraudulent activity within cryptocurrency exchanges. The consequences for users who lost faith—and, in many cases, funds—during the BitForex debacle are profound, as regulatory bodies and market participants alike scramble to ensure greater accountability in a notoriously opaque sector.
Garrett Jin, a Boston University alum with a degree in economics, directed BitForex from 2017 until its tumultuous end in 2020, a period marred by accusations of falsified trading volumes and unregistered operations in Japan. BitForex’s collapse left users out of pocket as withdrawals were frozen in February 2024, following cryptic transactions that saw approximately $57 million vanish from hot wallets without any explanation. These events sparked warnings from Hong Kong’s Securities and Futures Commission, leaving customers in a state of disbelief.
No stranger to controversy, Jin recently executed a jaw-dropping sale of over $4.23 billion in BTC, reportedly to pivot towards acquiring Ethereum. He also made a strategic $735 million short position on Hyperliquid, aligning his move with an anticipated announcement from President Trump that ultimately sent markets tumbling. In response to the swirling allegations, Jin stated, “The fund isn’t mine — it’s my clients‘,” emphasizing his role as a node runner providing investment insights.
Hi @cz_binance, thanks for sharing my personal and private information. To clarify, I have no connection with the Trump family or @DonaldJTrumpJr — this isn’t insider trading.— Garrett (@GarrettBullish) October 13, 2025
Following EyeOnChain’s findings, Jin’s cryptocurrency holdings are nothing short of extraordinary. His current portfolio reportedly includes 46,295 BTC, valued around $5.19 billion, spread across eight distinct wallet addresses. Between August and September 2025, he liquidated more than 35,000 BTC to transition into ETH, utilizing various wallet mechanisms that funneled over 570,000 ETH into Ethereum’s staking ecosystem via his entity, XHash.
Delving deeper into the timeline, Jin’s activities shed light on how the intricate web of transactions supports the accusations of collusion and misappropriation tied to the BitForex collapse. The precise nature of the financing for Jin’s recent ETH staking initiatives speaks volumes about the potential misuse of funds from previous investor commitments during the BitForex chaos.
BREAKING: Garrett Jin, the Hyperliquid/Hyperunit whale changed his Telegram privacy settings right after my post, hiding his previously public photos and phone number. He also removed @XHash_com from his bio, just like he did on his X profile after @emmettgallic posted about… https://t.co/GnikBkwnZn pic.twitter.com/9VM4zh7PNP— Eye (@eyeonchains) October 12, 2025
Interestingly, Jin founded XHash as a platform for non-custodial ETH staking in 2024, raising eyebrows as well as questions about the legitimacy of staked ETH potentially linked to dubious funds from the BitForex scandal. His track record includes leading WaveLabs VC, where he supported multiple crypto projects through varying levels of success and failure. This history paints a complex picture of a businessman navigating an industry fraught with risks but also opportunities.
The fallout from BitForex’s exit scam has left a significant mark, with claims of losses exceeding $57 million for users who entrusted their assets to the platform. On January 31, 2024, CEO Jason Luo stepped down amidst growing suspicion, and by February 2024, BitForex shut its doors, leading to user outcry and investigations into its dealings by authorities in China.
💥@cz_binance pushed back after Hyperliquid’s Jeff Yan @chameleon_jeff accused centralized exchanges like Binance of underreporting user liquidations during last week’s market chaos.#ChangpengZhao #Hyperliquid https://t.co/oHnrmm4g26— Cryptonews.com (@cryptonews) October 13, 2025
This incident echoes broader concerns about transparency within the cryptocurrency space, sparking dialogue about regulatory reforms and enhanced oversight. Co-founder Jeff Yan from Hyperliquid took the opportunity to criticize centralized exchanges, claiming they may be significantly underreporting user liquidations during tumultuous market conditions. In a tense exchange, Binance’s CEO Changpeng Zhao defended his platform’s actions, asserting that Binance had been proactive in protecting users’ interests.
As this saga continues to unfold, the cryptocurrency community watches closely, poised to see how these developments might reshape investor trust and regulatory frameworks in an ever-evolving landscape. The questions surrounding Garrett Jin, the Hyperliquid whale, and the BitForex saga serve as a reminder of the importance of vigilance in a market defined by volatility and innovation.
In this gripping landscape, what does the future hold for crypto traders and investors? As the lines blur between legitimate operations and deceptive schemes, one thing is certain: the quest for clarity and accountability has only just begun.