A recent on-chain investigation conducted by renowned crypto researcher Eye has shed light on the mysterious hyperliquid whale, which controls a staggering amount of over 100,000 BTC. The findings have linked this whale to Garrett Jin, the former CEO of BitForex, a cryptocurrency exchange that has been embroiled in a fraud scandal.
The investigation, which was posted on Saturday, revealed that the ENS name “erlebnis.eth” (meaning “Event” in German) is connected to the wallet in question and has been identified as the actor behind the large-scale operations on Hyperliquid/Hyperunit. Furthermore, the wallet activity matches Jin’s known business relationships, including transfers to staking contracts and addresses funded by exchanges with which he had previous ties, such as Huobi (HTX).
In addition to these findings, the whale’s wallet has been found to have received and sent funds traced to BitForex-related addresses and to Binance deposits, which were used to open large trades, including a $735 million Bitcoin (BTC) short sale. 
Background on BitForex and Garrett Jin
Garrett Jin was the CEO of BitForex from 2017 to 2020. During his tenure, the exchange was accused of falsifying trading volumes and was cited by Japan’s Financial Services Agency for operating without registration. In 2024, BitForex lost $57 million from its hot wallets, froze withdrawals, and was eventually shut down after its team was arrested in China. The Hong Kong SFC later issued a warning about suspected fraud, and users claimed millions of dollars in unclaimed funds.
After BitForex collapsed, Jin went on to found several companies, including WaveLabs VC (2020), TanglePay (2021), IotaBee (2022), and GroupFi (2023). However, most of these projects are now inactive. In 2024, he launched XHash.com, an institutional Ethereum staking platform that investigators say may have been used to onboard questionable funds. Following the allegations, Jin reportedly removed XHash from his social media bio, although it remains visible on his Telegram account.
Reactions to the Investigation
Crypto analyst Quinten François has expressed skepticism about the claims linking the hyperliquid whale to the former BitForex CEO, arguing that the evidence may be too convenient. “Why should an .eth name lead to your X handle in a wallet that is directly linked to market manipulation wallets and wallets for other crimes?” He wrote on X, adding that such a setup “sounds far too simple to be true.” Despite this, the investigation has sparked a lively debate within the crypto community, with many calling for greater transparency and accountability.
For more information on this story, please visit the original article.
