Bitcoin whale identity exposed! Former BitForex CEO holds 100,000 BTC short order, raking in 200 million USD.

On-chain detective Eye reveals shocking insider information, the mysterious Bitcoin Whale holding 100,000 Bitcoins is suspected to be former BitForex CEO Garrett Jin. This Bitcoin Whale sold 35,000 BTC for 4.23 billion USD in ETH in August and September, and opened a short order of 735 million USD ahead of October 11, making a staggering profit of 200 million USD during the market crash.

Bitcoin Whale Shocking Exposure: 100,000 BTC Holdings Locked by Garrett Jin

(Source: on-chain detective Eye)

The cryptocurrency community has sparked heated discussions on October 12 due to the true identity of a Bitcoin Whale. The well-known on-chain detective “Eye” published a lengthy investigation report on the X platform, attempting to unveil the identity of a mysterious “Hyperliquid Bitcoin Whale” who holds over 100,000 BTC, with all evidence pointing to Garrett Jin, the former CEO of BitForex exchange. If this discovery is confirmed, it will be one of the most significant identity revelations in the cryptocurrency circle, as the wealth controlled by this Bitcoin Whale amounts to billions of dollars.

This Bitcoin Whale has drawn attention primarily due to its astonishing asset holdings. An Eye investigation shows that this Bitcoin Whale currently holds approximately 46,295 BTC, with a market value of up to 5.19 billion USD at current prices, spread across multiple wallet addresses. Such a scale of holdings is extremely rare in the entire Bitcoin market, with only a few institutional investors, early miners, or exchanges possessing a similar scale. The fact that an individual can accumulate such a massive Bitcoin Whale position immediately raises strong curiosity about its source of funds and true identity.

Secondly, this Bitcoin Whale's high-profile trading behavior is noteworthy. As early as August to September this year, this Bitcoin Whale sold over 35,000 BTC through spot (SPOT) and perpetual (PERP) trading on the Hyperliquid platform, exchanging for ETH worth over 4.23 billion USD. Such large-scale asset swaps are extremely rare, involving astronomical amounts of capital, and demonstrate a certain judgment about market trends. The shift from BTC to ETH may reflect optimism about the growth potential of the Ethereum ecosystem or a strategic adjustment in asset allocation.

The third reason that this Bitcoin Whale has become the focus is its relation to the market's massive drop on October 11. This Bitcoin Whale opened a short order of up to $735 million in BTC in advance, accurately capturing the market volatility and ultimately profiting about $200 million. This “magical” timing has raised strong doubts in the community about “insider trading”: how did this Bitcoin Whale know in advance that the market was about to crash? Was it purely analytical ability and luck, or did they receive some kind of advance information?

Identity Tracking: From ENS Domain to BitForex CEO

The investigation by Eye employed classic on-chain detective methods, tracking the flow of funds and associated addresses to pinpoint identities. The key breakthrough came from the early funding source of a Bitcoin whale. The investigation revealed that the funds of this Bitcoin whale originated from the ereignis.eth wallet on CEX, which was linked to the ENS domain name garrettjin.eth, directly pointing to X platform user @GarrettBullish. The association between this ENS domain name and social media account became the first clue to lock in Garrett Jin.

Further analysis points to Garrett Jin's career background. The report shows that this Bitcoin Whale's BTC holdings were mostly withdrawn from self-flowing exchanges 7 to 8 years ago. This timeframe highly overlaps with Garrett Jin's career at the helm of BitForex. During the 2017-2018 period, Bitcoin prices were relatively low (compared to now), and executives with internal resources and information advantages at exchanges indeed had the opportunity to accumulate a large amount of Bitcoin Whale-level holdings.

The historical controversies surrounding BitForex have added a shadow to this identity speculation. The exchange was named by the Japanese Financial Services Agency in 2023 for operating without registration, highlighting its compliance issues. In February 2024, it was further revealed that $57 million in hot wallet funds had flowed out, leading to the closure of its official website and withdrawal freezes, causing panic among users. In July, BitForex officially claimed that its team was under police investigation in Jiangsu, China, and all trading was suspended. This series of events raises questions: is this Bitcoin Whale's massive holding related to the fund flow of BitForex? Is there a possibility of misappropriating user assets?

Eye's investigation also found that Bitcoin whales have transferred large amounts of funds to the deposit addresses of a certain mainstream exchange, indicating a deep connection with the centralized exchange system. This further supports the speculation that these Bitcoin whales may be insiders of the exchange. However, the industry remains cautious about this identity speculation. A leader in the industry stated while forwarding Eye's investigation, “Uncertain about the authenticity, hope someone can help cross-verify,” and emphasized that user privacy should not be infringed upon, suggesting that it is best for third-party investigators to use public blockchain data for research.

After the incident was exposed, Garrett Jin's reaction was quite suspicious. He quickly adjusted his social media settings, removing @XHash_com from his X profile (its non-custodial ETH staking platform founded in 2024) and changed his profile picture, clearly trying to lower his visibility. This kind of “there's no silver here” behavior has instead made the community even more convinced that Eye's investigation may have touched on the truth. However, as of now, Garrett Jin himself has not publicly responded to these allegations, and the true identity of the Bitcoin Whale cannot yet be confirmed with 100% certainty.

Bitcoin Whale's Precise Strike: $735 Million in Short Orders Profiting $200 Million

The operation that shocked the market the most by this Bitcoin Whale was its precise shorting before the market crash on October 11. According to data from the Hyperliquid platform, this Bitcoin Whale opened a short order of up to 735 million USD in BTC in advance. When Trump announced a 100% tariff increase on China and Bitcoin plummeted from 122,000 USD to 102,000 USD, this short order brought the Bitcoin Whale approximately 200 million USD in astonishing profits.

The precision of this timing has raised widespread suspicions of insider trading. How did the Bitcoin Whale know in advance that Trump was about to announce the tariff policy? How did they accurately judge that the market would crash at this moment? It is difficult for ordinary traders to predict the precise timing of geopolitical black swan events relying on technical analysis and market sentiment. The success of this Bitcoin Whale may stem from several possibilities: First, having some kind of insider information pipeline regarding policy; Second, holding large short orders for a long time, profiting exactly from this event; Third, their exceptional macro analysis ability allowed them to anticipate the deterioration of US-China relations.

Regardless of the truth, this operation demonstrates the market influence of Bitcoin whale-level players. A short order of $735 million is enough to affect market trends, especially on relatively smaller platforms like Hyperliquid. When the market starts to decline, the buying back of this massive short order may temporarily support prices; and when establishing a short order, if a spot hedging strategy is adopted, the selling behavior of Bitcoin whales will itself increase selling pressure. The participation of players of this scale in the market makes their behavior a factor that affects prices.

Another intriguing detail is the additional information provided by Lookonchain: the wallet associated with this Bitcoin whale transferred 1.31 million USDC to a deposit address of a certain investment institution, suggesting that this Bitcoin whale may be connected to a specific investment circle or industry insiders. Although these connections do not constitute conclusive evidence, they provide more clues for identity speculation. If these financial relationship networks can be traced, it may reveal more information about the true identity and operating patterns of the Bitcoin whale.

Market Implications of the Bitcoin Whale Phenomenon

The Garrett Jin Bitcoin Whale incident provides multiple insights for the entire cryptocurrency market. First, there are the potential advantages and risks of insiders within centralized exchanges. If Garrett Jin is indeed this Bitcoin Whale, then his massive holdings are likely accumulated during his tenure as an executive at the exchange. Exchange executives have information advantages, funding channels, and operational convenience, which gives them a significant edge in personal wealth accumulation that ordinary users find difficult to match. However, this also raises ethical and legal questions: do these holdings involve conflicts of interest or misappropriation?

Secondly, it is the influence of Bitcoin whales on the market. A Bitcoin whale holding 100,000 BTC can have a significant impact on the market with any large operation. An operation of exchanging 35,000 BTC for ETH is enough to affect the prices of both coins in the short term. The establishment and liquidation of a short order of 735 million USD will also leave a mark on the market. This reminds ordinary investors that they are facing not only random market fluctuations but also strategic operations from Bitcoin whale-level players.

The third is the duality of on-chain transparency. The transparency of blockchain enables detectives like Eye to trace the flow of funds and infer identities, which is valuable for exposing potential misconduct. However, this transparency also infringes on privacy, as even legitimate holders of wealth may not wish to be publicly exposed. This case highlights the ongoing tension within the cryptocurrency community between transparency and privacy.

Finally, there are potential risks faced by BitForex users. If the wealth of this Bitcoin Whale is indeed related to the outflow of funds from BitForex, then users of the exchange may be the real victims. When an exchange closes and user funds are frozen, if executives are sitting on billions of dollars in personal wealth, it is undoubtedly the greatest betrayal of user trust. This case serves as a reminder to investors: do not store large amounts of funds in centralized exchanges for extended periods; using cold wallets for self-custody is a safer option.