Original Author: @eyeonchains, On-chain Analyst

Original Translation: angelilu, Foresight News

Yesterday, the market experienced a black swan event, marking the largest liquidation day in crypto history. Surprisingly, someone was able to accurately short the market in advance, opening a short position of over 1.1 billion USD and making a profit of over 80 million USD in 24 hours. Was this all based on prediction or insider information? The true identity of this whale has sparked market attention.

A thread by on-chain detective Eye reveals the identity of this whale. In conclusion, Eye believes the whale's true identity is a Chinese individual named Garrett Bullish with a diverse background. Garrett's experiences in the crypto space include serving as the COO of Huobi (HTX), CEO of the embroiled BitForex during a trading scandal, and founding multiple crypto projects. Additionally, the source of his massive funds appears to be suspicious.

Regarding this event, Zhao Changpeng retweeted the post hoping for cross-confirmation. Lookonchain stated that JackYi, founder of Liquid Capital, may have knowledge as the wallet 0x52d3, which sent ETH for Gas, also transferred 1.31 million USDC to Trend Research's Binance deposit address.

In the field of reputable on-chain investigations, on-chain detective ZachXBT expressed doubts about the investigation at the time of the post, stating, "You clearly stated in the post that the Bitcoin whale was Garrett Jin, and now you are replying to me saying that this is definitely coming from multiple entities' BTC."

Currently, the authenticity of this investigation cannot be confirmed. Below is the full analysis by Eye (with slight edits during translation), and Foresight News will continue to monitor further developments:

Significant Fund Movements Raise Concerns

An investigation into the mysterious Hyperliquid/Hyperunit whale's identity revealed that the whale holds over 100,000 Bitcoins. Recently, they sold over 4.23 billion USD worth of Bitcoin to buy Ethereum and executed a 735 million USD Bitcoin short order on the same platform.

Between August and September, this whale utilized a series of Bitcoin wallets through Hyperliquid/Hyperunit's spot and perpetual contracts to sell over 35,000 Bitcoins for Ethereum. Simultaneously, 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

Through analyzing the whale address of a $7.35 billion Bitcoin short, blockchain sleuth Eye noticed it received transaction fees from a specific wallet. Tracing these transactions revealed a fund flow linked to an address named "ereignis.eth".

Further investigation revealed that "ereignis.eth" also owns another ENS name: "garrettjin.eth", which resolves to X (Twitter) user @GarrettBullish.

Garrett Jin's Background

Garrett Jin graduated with a degree in Economics from Boston University in 2008 and began his career at the China Construction Bank. In 2012, he founded Da Yo Trading (HK) and later served as Chief Operating Officer at Huobi (HTX) until 2015. He then relocated to Frankfurt, co-founded a healthcare platform, and left that position in 2017.

From 2017 to 2020, he was the CEO of @bitforexcom. The exchange later faced a scandal involving alleged volume manipulation and underwent a private key breach in early 2024, resulting in around $57 million being siphoned off. Subsequently, the exchange received a fraud warning from the Hong Kong Securities and Futures Commission, ultimately shutting down and causing significant user asset losses.

Project History and Funding Sources

During the Bitforex collapse, Garrett established WaveLabs VC in 2020 and launched several projects, including TanglePay, IotaBee, and GroupFi. The ENS name "ereignis.eth" (meaning "event" in German) further confirmed his involvement in these large-scale operations.

An investigation revealed that the funds of this Hyperliquid/Hyperunit whale primarily originated from Bitcoin withdrawn from exchanges like HTX and OKX several years ago, aligning with his tenure at Huobi and raising suspicions about 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, which is a non-custodial Ethereum staking platform that may be used for introducing suspicious funds.

Of note, following the release of the related investigation, Garrett promptly removed @XHash_com from his profile and changed his profile picture, while also adjusting his Telegram privacy settings to hide previously public photos and phone number. On-chain sleuth Eye stated, "It looks like he does have something to hide."

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