Author: @eyeonchains
Translation: angelilu, Foresight News
Yesterday, the market experienced a black swan event, marking the largest liquidation day in crypto history. However, some were able to accurately short the market in advance, opening short positions exceeding $1.1 billion and making over $80 million in profit 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 the findings, it is believed that the whale is a Chinese individual named Garrett Bullish, who has a diverse background. His experience in the crypto field includes serving as the Operations Director at Huobi (HTX), being the CEO of BitForex, which was embroiled in a trading scandal, and founding multiple crypto projects. Meanwhile, the source of his massive funds 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 have knowledge of the situation, as the wallet 0x52d3, which sent ETH for gas, also transferred 1.31 million USDC to the Binance deposit address of Trend Research.
As of the time of writing, ZachXBT, a reputable on-chain investigator, has only expressed doubts regarding the investigation, stating, "You clearly stated in your post that the Bitcoin whale is Garrett Jin, and now you are telling me in your reply that this must come from multiple entities' BTC."
The authenticity of this investigation has yet to be confirmed. Below is the full analysis by Eye (slightly edited during translation), with Foresight News continuously monitoring the developments:
Massive Fund Movements Raise Concerns
Investigations into the mysterious Hyperliquid/Hyperunit whale reveal that this whale holds over 100,000 Bitcoins. Recently, he sold over $4.23 billion worth of Bitcoin to acquire Ethereum and executed a $735 million 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 Bitcoin short, on-chain detective Eye noted that 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 has another ENS name: "garrettjin.eth," which points to the 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 a scandal, accused of faking trading volumes, and experienced a private key leak in early 2024, resulting in approximately $57 million 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 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 Bitcoin 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). Additionally, he is the founder of @XHash_com, a non-custodial Ethereum staking platform, which may have been used to introduce suspicious funds.
Notably, following the release of the related investigation, 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."
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
