Michaela
On-chain analytics firm EyeOnChain has reportedly traced a Hyperliquid whale holding over 100,000 Bitcoin (BTC) to Garrett Jin, the former CEO of the now-defunct exchange BitForex, which allegedly ran a $56.5 million exit scam in February 2024. Jin has denied any ownership of the funds.
Key points:
- EyeOnChain traced a Hyperliquid whale holding over 100,000 BTC to former BitForex CEO Garrett Jin, though Jin denies ownership of the funds.
- The whale reportedly sold $4.23B in Bitcoin for Ethereum and opened a $735M BTC short on Hyperliquid, coinciding with a market-moving tariff announcement.
- Jin reportedly currently holds 46,295 BTC (~$5.2B) across eight wallets, with 35,000 BTC converted to ETH and staked via XHash, highlighting scrutiny on large crypto holdings.
According to an X thread, the on-chain analytics firm traced the whale’s wallet activity to Jin by linking Ethereum Name Service (ENS) domains ereignis.eth and garrettjin.eth. The analysis connected funds withdrawn seven to eight years ago from exchanges such as HTX and Binance to Jin’s period at Huobi and the eventual collapse of BitForex.
Jin served as CEO of BitForex from 2017 to 2020, during which the exchange faced allegations of inflating trading volumes and operating without proper registration in Japan. In 2024, roughly $57 million was reportedly withdrawn from the platform’s hot wallets without explanation, prompting BitForex to freeze withdrawals. CEO Jason Luo resigned days before the exchange became inaccessible, leading Hong Kong’s Securities and Futures Commission to issue fraud warnings as users lost access to their funds.
EyeOnChain shared that the whale recently offloaded more than $4.23 billion in Bitcoin to purchase Ethereum and simultaneously opened a $735 million Bitcoin short position on Hyperliquid, executing the trades shortly before President Donald Trump’s tariff announcement triggered a market downturn.
Furthermore, the on-chain analytics firm identified that Jin holds 46,295 BTC, worth about $5.2 billion, across eight separate wallets. Between August and September, Jin converted more than 35,000 BTC into Ethereum through spot and perpetual trades on Hyperliquid. The resulting over 570,000 ETH was later staked via the Ethereum Beacon Deposit Contract through his firm, XHash.
Jin has denied EyeOnChain’s claims, asserting that the Bitcoin and Ethereum holdings in question belong to his clients, not himself. “We run nodes and provide in-house insights for them,” Jin wrote in an X post.
The unfolding situation emphasizes growing scrutiny over large crypto holdings and trading practices, spotlighting the increasing role of on-chain analysis in tracking market-moving activity.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
