BlockBeats News, October 12th, On-chain detective Eye published an analysis stating, “An investigation into the identity of the mysterious Hyperliquid whale (holding over 100,000 BTC). Recently, they have sold over $4.23 billion worth of Bitcoin (BTC) in exchange for Ethereum (ETH), and it was this whale who placed a $735 million Bitcoin short order on the same platform. During August and September, they sold over 35,000 BTC for ETH through a series of Bitcoin wallets via Hyperliquid’s spot and perpetual contracts.”
They staked a large amount of ETH, with their deployment funds coming from wallet 0x1CB7B54AAB4283782b8aF70d07F88AD795c952E9, initially funded by an address on the BSC chain ereignis.eth. After the staking contract deployment, the first wallet to interact with it was ereignis.eth, which deposited 32 ETH into the contract.
Further investigation into the ereignis.eth address revealed that it is also linked to a second ENS domain garrettjin.eth, corresponding to the user @GarrettBullish. Garrett Jin graduated with a degree in Economics from Boston University in 2008. He interned and worked at the China Construction Bank from 2008 to 2011. In 2012, he founded his first company, Da Yo Trading (HK), which operated until 2014. He then entered the crypto industry and served as the COO of Huobi/HTX in 2015. He later moved to Frankfurt, Germany, and co-founded FuLang Medical Germany GmbH medical platform but left in 2017.
From 2017 to 2020, Garrett served as the CEO of BitForex. The exchange later faced a scandal for allegedly inflating trading volume and in 2023 was warned by the Japanese Financial Services Agency (FSA) for operating without registration. In February 2024, BitForex’s hot wallet private key was leaked, around $57 million in assets were transferred out with no reasonable explanation. Subsequently, the website became inaccessible, withdrawals were frozen, and operations were completely suspended. In July of the same year, BitForex claimed that the team was being investigated by the police in Jiangsu, China, the plan was to only allow KYC-verified users to withdraw funds, and all trading and deposits were suspended for a “thorough overhaul.”
The whale’s massive Bitcoin holdings were mainly sourced from exchanges such as HTX, OKX, ViaBTC, Bixin, and Binance 7 to 8 years ago, forming a suspicious chain of transactions related to his past involvement in the Huobi and BitForex incidents. Garrett is also the founder of @XHash_com (since 2024), a platform that provides institutional non-custodial ETH staking services.
Currently, Garrett’s address still holds 46,295 BTC (approximately $5.19 billion at the current price).”
