Precisely shorted for a profit of $80 million, and on-chain data reveals suspicious funds of Garrett Jin.
Written by: @eyeonchains
Translated by: angelilu, Foresight News
A black swan event startled the market yesterday, marking the largest liquidation day in the history of cryptocurrency. However, someone was able to short accurately in advance, opening short positions worth over $1.1 billion and making a profit of over $80 million in 24 hours. Is this a prediction or insider information? The true identity of the whale has drawn market attention.
A Threads post by on-chain detective Eye unveiled the identity of this whale. First, the conclusion is that Eye believes the true identity of the whale is a Chinese named Garrett Bullish with multiple backgrounds. His experiences related to the crypto field include serving as the director of operations at Huobi (HTX), being the CEO of BitForex, which was embroiled in a trading scandal, and founding several crypto projects. At the same time, the source of his huge amount of funds also seems to be found suspicious.
Regarding this incident, Changpeng Zhao reposted the tweet, saying that he hoped someone could cross - verify. Lookonchain said that JackYi, the founder of Liquid Capital, might know. The wallet 0x52d3, which sent ETH to obtain gas from this address, also transferred 1.31 million USDC to the Binance deposit address of Trend Research.
As of the time of writing, ZachXBT, an on - chain detective with credibility in the field of on - chain investigation, only expressed doubts about this investigation, saying, "You clearly stated in the post that the Bitcoin whale is Garrett Jin, and now you're saying in your reply to me that these are definitely BTC from multiple entities."
At present, the authenticity of this investigation cannot be confirmed. The following is the full text of Eye's analysis (slightly abridged during translation). Foresight News will continue to follow up on the subsequent developments:
Massive Capital Flows Draw Attention
An investigation into the identity of the mysterious Hyperliquid/Hyperunit whale shows that this whale holds more than 100,000 bitcoins. Recently, he sold bitcoins worth over $4.23 billion to buy Ethereum and also placed $735 million worth of Bitcoin short - term orders on the same platform.
From August to September, this whale sold more than 35,000 bitcoins for Ethereum through the spot and perpetual contracts of Hyperliquid/Hyperunit, using a series of Bitcoin wallets. At the same time, a total of more than 570,000 ETH was received by multiple Ethereum addresses, and all of these Ether were subsequently deposited into the same Beacon deposit contract for staking.
Identity Clues Emerge Gradually
By analyzing the whale address that opened the $735 million Bitcoin short position, on - chain detective Eye noticed that it received fees from specific wallets. Tracing these transactions, it was found that the capital flow was associated with an address named "ereignis.eth".
Further investigation shows that "ereignis.eth" also has another ENS name: "garrettjin.eth", which points to the X (Twitter) user @GarrettBullish.
Garrett Jin's Background
Garrett Jin graduated from Boston University in 2008 with a major in economics. His career started at the China Construction Bank. In 2012, he founded Da Yo Trading (HK), and then served as the director of operations at Huobi (HTX) until 2015. Subsequently, he moved to Frankfurt and co - founded a medical platform, leaving this position in 2017.
From 2017 to 2020, he served as the CEO of @bitforexcom. The exchange was later involved in a scandal, accused of fabricating trading volumes, and experienced a private key leakage incident in early 2024, with about $57 million withdrawn. The exchange was subsequently issued a fraud warning by the Hong Kong Securities and Futures Commission and finally closed, 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 connection to these large - scale operations.
Investigations show that the funds of this Hyperliquid/Hyperunit whale mainly came from bitcoins withdrawn from exchanges such as HTX and OKX a few years ago. This pattern forms a suspicious connection with his work experience at Huobi and the funds that disappeared in the Bitforex scam.
Current Situation
Currently, Garrett still holds 46,295 bitcoins (worth about $5.19 billion). In addition, he is also the founder of @XHash_com, a non - custodial Ethereum staking platform that may be used to introduce suspicious funds.
It is worth noting that after the relevant investigation was released, Garrett immediately removed @XHash_com from his X profile, changed his profile picture, and modified his Telegram privacy settings, hiding his previously public photos and phone number. On - chain detective Eye said, "It seems that he really has something to hide."