Precise Short Selling Profits of 80 Million, On-Chain Data Links Garrett Jin to Suspicious Funds.
Author: @eyeonchains
Translation: angelilu, Foresight News
A black swan event shocked the market yesterday, marking the largest liquidation day in crypto history, yet some managed to accurately short sell in advance, opening short positions exceeding 1.1 billion dollars and profiting over 80 million dollars within 24 hours. Was this foresight or insider information? The true identity of the whale has drawn market attention.
An investigation by on-chain detective Eye revealed the identity of this whale. To summarize, it believes the whale is a Chinese individual named Garrett Bullish with multiple backgrounds, including experience in the crypto field as Garrett previously served as the Operations Director at Huobi (HTX), was the CEO of BitForex, which was embroiled in a trading scandal, and founded several crypto projects. Meanwhile, the source of his massive funds also appears to be under scrutiny.
In response to this incident, Zhao Changpeng retweeted a post expressing hope that someone could cross-verify the information. Lookonchain indicated that Jack Yi, founder of Liquid Capital, might be aware of the situation, as the wallet 0x52d3, which sent ETH for gas, also transferred 1.31 million USDC to Trend Research's Binance deposit address.
As of the time of writing, ZachXBT, a credible on-chain investigator, has only expressed doubts regarding the investigation, stating, "You clearly mentioned in your post that the Bitcoin whale is Garrett Jin, and now when you reply to me, you say this must come from multiple entities' BTC."
The authenticity of this investigation has yet to be confirmed. Below is Eye's full analysis (slightly edited during translation), and Foresight News will continue to monitor the developments:
Massive Fund Movements Raise Concerns
An investigation into the mysterious Hyperliquid/Hyperunit whale's identity shows that this whale holds over 100,000 Bitcoins. Recently, he sold over 4.23 billion dollars worth of Bitcoin to purchase Ethereum and executed a 735 million dollar short order for Bitcoin on the same platform.
Between August and September, this whale sold over 35,000 Bitcoins through Hyperliquid/Hyperunit's spot and perpetual contracts, using a series of Bitcoin wallets to exchange for Ethereum. Meanwhile, multiple Ethereum addresses received over 570,000 ETH, all of which were subsequently deposited into the same Beacon deposit contract for staking.
Identity Clues Gradually Emerge
By analyzing the whale address that opened the 735 million dollar Bitcoin short, on-chain detective Eye noticed it received transaction fees from specific wallets. Tracking these transactions revealed a connection to an address named "ereignis.eth."
Further investigation showed that "ereignis.eth" also owns another ENS name: "garrettjin.eth," which points to X (Twitter) user @GarrettBullish.
Background of Garrett Jin
Garrett Jin graduated from Boston University with a degree in Economics in 2008, starting his career at China Construction Bank. In 2012, he founded Da Yo Trading (HK) and later served as Operations Director at Huobi (HTX) until 2015. He then moved to Frankfurt, co-founding a medical platform, and left that position in 2017.
From 2017 to 2020, he served as CEO of @bitforexcom. The exchange later became embroiled in scandal, accused of faking trading volumes, and experienced a private key leak in early 2024, resulting in approximately 57 million dollars being withdrawn. The exchange was subsequently issued a fraud warning by the Hong Kong Securities and Futures Commission and ultimately shut down, leaving many users with asset losses.
Project History and Source of Funds
During the collapse of Bitforex, Garrett founded WaveLabs VC in 2020 and launched several projects, including TanglePay, IotaBee, and GroupFi. The ENS name "ereignis.eth" (meaning "event" in German) further confirms his association with these large-scale operations.
Investigations show that the funds of this Hyperliquid/Hyperunit whale primarily come from Bitcoins withdrawn from exchanges like HTX and OKX years ago, creating a suspicious link to his work experience at Huobi and the missing funds in the Bitforex scam.
Current Status
Currently, Garrett still holds 46,295 Bitcoins (worth approximately 5.19 billion dollars). Additionally, he is the founder of @XHash_com, a non-custodial Ethereum staking platform, which may be used to introduce suspicious funds.
Notably, after the related investigation was published, Garrett immediately removed @XHash_com from his X profile and changed his profile picture, while also modifying his Telegram privacy settings to hide previously public photos and phone numbers. On-chain detective Eye stated, "It seems he indeed has something to hide."
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