Black Swan Operator? Who exactly is Garrett Jin?
Core Viewpoint
Summary:
After the recent "largest liquidation day" in the cryptocurrency market, a giant whale accurately shorted the market in advance, opening a short position of over $1.1 billion and making a profit of over $80 million within 24 hours, sparking strong attention and skepticism regarding the identity of this whale. On-chain detective Eye's investigation points to a mysterious whale holding over 100,000 bitcoins, identified as a Chinese individual named Garrett Bullish (Garrett Jin).
2025-10-13 12:23:35
Collection
After the recent "largest liquidation day" in the cryptocurrency market, a giant whale accurately shorted the market in advance, opening a short position of over $1.1 billion and making a profit of over $80 million within 24 hours, sparking strong attention and skepticism regarding the identity of this whale. On-chain detective Eye's investigation points to a mysterious whale holding over 100,000 bitcoins, identified as a Chinese individual named Garrett Bullish (Garrett Jin).Original Author: @eyeonchains
Original Compilation: angelilu, Foresight News
A black swan appeared in the market yesterday, marking the largest liquidation day in crypto history. However, someone managed to accurately short the market in advance, opening a short position of over $1.1 billion and making a profit of over $80 million within 24 hours. Was this a prediction or insider information? The true identity of the whale has drawn market attention.
An analysis by on-chain detective Eye on Threads revealed the identity of this whale. To summarize the findings, it is believed that the whale is a Chinese individual named Garrett Bullish, who has a diverse background. His experience in the crypto field includes serving as the Operations Director at Huobi (HTX), being the CEO of BitForex, which was embroiled in a trading scandal, and founding multiple crypto projects. Meanwhile, the source of his massive funds appears to be under scrutiny.
In response to this incident, Zhao Changpeng retweeted a post expressing hope that someone could cross-verify the information. Lookonchain indicated that JackYi, the founder of Liquid Capital, might have knowledge of the situation, as the address sent ETH to acquire gas and transferred 1.31 million USDC to the Binance deposit address of Trend Research.
As of the time of writing, ZachXBT, a reputable on-chain investigator, has only expressed doubts regarding the investigation, stating, "You clearly stated in your post that the Bitcoin whale is Garrett Jin, and now you are telling me in your reply that this must come from multiple entities' BTC."
The authenticity of this investigation has yet to be confirmed. Below is Eye's [full analysis](https://x.com/eyeonchains/status/1977071983172231507) (slightly edited during compilation), and Foresight News continues to monitor the developments:
### Massive Fund Movements Raise Concerns
Investigations into the mysterious identity of the Hyperliquid/Hyperunit whale show that this whale holds over 100,000 Bitcoins. Recently, he sold over $4.23 billion worth of Bitcoin to acquire Ethereum and executed a $735 million short order for Bitcoin on the same platform.
Between August and September, this whale sold over 35,000 Bitcoins through a series of Bitcoin wallets via Hyperliquid/Hyperunit's spot and perpetual contracts in exchange for Ethereum. Meanwhile, multiple Ethereum addresses received a total of over 570,000 ETH, all of which were subsequently deposited into the same Beacon deposit contract for staking.
### Identity Clues Gradually Emerge
By analyzing the whale address that opened the $735 million Bitcoin short, on-chain detective Eye noticed it received transaction fees from a specific wallet. Tracking these transactions revealed a connection to an address named "ereignis.eth."
Further investigation showed that "ereignis.eth" also has another ENS name: "garrettjin.eth," which points to X (Twitter) user @GarrettBullish.
Garrett Jin's Background
---------------
Garrett Jin graduated from Boston University with a degree in Economics in 2008, starting his career at China Construction Bank. In 2012, he founded Da Yo Trading (HK) and later served as Operations Director at Huobi (HTX) until 2015. He then moved to Frankfurt, co-founding a medical platform, and left that position in 2017.
From 2017 to 2020, he served as the CEO of @bitforexcom. The exchange later became embroiled in a scandal, accused of faking trading volumes, and experienced a private key leak in early 2024, resulting in approximately $57 million being withdrawn. The exchange was subsequently issued a fraud warning by the Hong Kong Securities and Futures Commission and ultimately shut down, 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 primarily come from Bitcoin withdrawals from exchanges like HTX and OKX several years ago, creating a suspicious link to his work experience at Huobi and the missing funds from 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, a non-custodial Ethereum staking platform that may be used to introduce suspicious funds.
Notably, following the release of the related investigation, Garrett immediately removed @XHash_com from his X profile and changed his profile picture, while also modifying his Telegram privacy settings to hide previously public photos and phone numbers. On-chain detective Eye stated, "It seems he indeed has something to hide."
Risk warning
Related tags
Risk warning
Related reading
