BitForex — New Chain Evidence: A major player in thecryptocurrency market, known for controlling over100,000 Bitcoin (BTC), has been linked toGarrett Jin, the former CEO of the now-defunct cryptocurrencyexchange BitForex. This connection was uncovered by a blockchain researcher known as Eye, who shared their findings on X (formerly Twitter) over the weekend.
Blockchain Clues Reveal a Connection
At the heart of the investigation is a crypto wallet using the Ethereum Name Service (ENS) alias ereignis.eth — which means “event” in German. This wallet has been highly active on the decentralized derivatives platform Hyperliquid, and according to Eye, it’s linked to another ENS address: garrettjin.eth.
That second address, garrettjin.eth, is directly tied to Garrett Jin’s verified X account: @GarrettBullish. This, Eye says, makes a strong case that Jin is the person behind these massive trades.
“The ENS name ereignis.eth confirms his link to this wallet, identifying him as the actor behind the large-scale operations on Hyperliquid,” Eye wrote in the post.
The blockchain data also shows interactions between Jin-linked wallets and exchanges, such as Huobi (now HTX), where Jin has had business ties in the past. The wallets have also moved funds to and from BitForex-related addresses and Binance, which were reportedly used to place high-risk trades — including a $735 million BTC short position.
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BitForex’s Controversial Past
Garrett Jin served as BitForex CEO from 2017 to 2020. The exchange was long suspected of fake trading activity and even received warnings from Japan’s Financial Services Agency for operating illegally.
BitForex ran into serious trouble in early 2024 when it lost $57 million in a mysterious wallet drain. The platform then froze user withdrawals and shut down completely. Later, reports emerged that parts of the BitForex team had been detained in China, and Hong Kong’s financial regulator labelled the exchange as possibly fraudulent. Many users still report losses in the millions.
Crypto researcher links Hyperliquid whale to former BitForex CEO: Source: Eye
Jin’s Post-BitForex Projects
After leaving BitForex, Jin launched a series of new ventures:
- WaveLabs VC (2020)
- TanglePay (2021)
- IotaBee (2022)
- GroupFi (2023)
However, most of these projects have since gone quiet. In 2024, Jin launched XHash.com, a staking platform aimed at institutional investors. But now, investigators believe this platform may have been used to funnel suspicious funds. After the allegations came out, Jin reportedly removed XHash from his social media profiles, though it can still be found on his Telegram.
Not Everyone Is Convinced
Despite the evidence laid out, some experts are sceptical. Popular crypto analyst Quinten François said the connections look too obvious to be legitimate.
“Why would someone connect an .eth name and a verified X account to wallets involved in questionable trades? It feels too convenient,” he wrote.
Still, Eye insists the links are real and the pattern of transactions matches Jin’s past operations. If true, this would place a former exchange executive at the center of one of the largest whale operations on Hyperliquid — a platform quickly becoming a hotbed for high-leverage crypto trading.
Sources: Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO
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