- Researcher Eye uncovers wallet links tying Hyperliquid whale to Garrett Jin.
- On-chain data reveals striking similarities with former BitForex CEO’s transactions.
- Investigators suspect Ethereum staking platform XHash handled questionable crypto funds.
A prominent crypto researcher known as Eye has exposed a startling link between the massive Hyperliquid whale controlling over 100,000 BTC and Garrett Jin, the former CEO of the embattled BitForex exchange.
According to Eye, the whale’s central wallet, ereignis.eth, connects directly to garrettjin.eth, which leads to Jin’s verified X handle, @GarrettBullish. Such a chain suggests a direct link between Jin and the large-scale operations on Hyperliquid and Hyperunit, Eye argues.
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On-Chain Clues Strengthen the Allegations
Eye notes that the wallet’s activity mirrors Jin’s known business moves, especially transfers to staking contracts and addresses tied to exchanges he once worked with, including Huobi (now HKX).
Moreover, funds flowing in and out of the whale wallet trace back to BitForex-associated addresses and Binance deposits used to initiate a staggering $735 million Bitcoin short. Those patterns, Eye maintains, strengthen the case that Jin stands behind the whale.
Not every analyst accepts that conclusion. Crypto commentator Quinten François expressed doubt about the evidence, stating that linking an .eth name to a X handle in a wallet involved in market manipulation sounds “too simple to be true.” He argues that evidence must go beyond symbolic connections to prove ownership.
BitForex’s Troubled Past Resurfaces
BitForex’s past complicates the narrative. Jin led BitForex between 2017 and 2020, after which the exchange became accused of fabricating trading volume and operating without proper registration. The platform later lost $57 million in hot wallet funds, froze withdrawals, and ceased operations following detentions of its team in China.
Hong Kong’s SFC subsequently issued warnings about suspected fraud, and users continue to seek restitution.
Post-BitForex, Jin launched several projects, including WaveLabs VC, TanglePay, IotaBee, and GroupFi—many of which have become dormant. In 2024 he unveiled XHash.com, a platform for Ethereum staking.
Investigators suggest XHash may have helped funnel dubious funds. After allegations surfaced, Jin removed XHash from his social profiles, though it still appears on his Telegram account.
On-Chain Patterns and Stake Movements Raise Eyebrows
Chains of transactions show the whale’s wallet regularly interacts with staking contracts and addresses tied to exchanges that previously did business with Jin. Eye stresses these on-chain patterns reinforce the connection, not just symbolic links.
Transfers line up with Jin’s business timeline and past affiliations. While skeptics remain cautious, the activity raises pressing questions about accountability in crypto.
This revelation intensifies scrutiny on large whale accounts and their real-world identities. As investigators dig deeper, the crypto community will closely watch how this case develops.
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