An on-chain report by EyeOnChain alleges that a Hyperliquid user controlling more than 100,000 BTC is Garrett Jin, tying the coins to large transfers, BitForex’s February 2024 withdrawal halt, and fraud claims. The trail includes ENS names and conversions of billions into Ethereum for staking, raising questions about provenance and market impact. Industry figures have called for independent verification before drawing conclusions.
EyeOnChain followed a chain of addresses and says the ENS names ereignis.eth and garrettjin.eth lead to wallets holding the 100,000 BTC. Part of the coins were converted into Ethereum worth about 4.23 billion dollars and some of that sum was sent to the Beacon Deposit Contract for staking through XHash. The investigators also claim that an 80 million dollar profit came from a short trade placed just before prices dropped.
Hyperliquid now posts daily volumes as high as 3.4 billion dollars, and trades of this size can move prices, drain liquidity, and alter collateral rules in derivative markets. ENS (Ethereum Name Service) turns long Ethereum addresses into short, readable names. Garrett Jin told reporters, “The fund isn’t mine – it is my clients’.” Binance CEO Changpeng Zhao said he had not verified the claim and asked for more proof.
BitForex backdrop and regulatory outlook
The story overlaps with the fall of BitForex. The exchange, which once handled more than 4.2 billion dollars in daily volume, stopped withdrawals in February 2024 after about 56.5 – 57 million dollars left its hot wallets without explanation. Chief executive Jason Luo resigned days before the halt, and Hong Kong’s Securities besides Futures Commission later issued public warnings.
If the link to Jin is proven, custodians and platforms that touch those coins face operational and reputational damage. Compliance teams will need tighter checks on sources of funds and stronger KYC/AML when large institutional positions are split among many accounts. Markets could swing if even part of the 100,000 BTC is sold or moved. Regulators and courts have not yet ruled; the next step is for outside auditors or officials to confirm the money trail and decide whether to open a case against BitForex or the funds involved.
The outcome now hinges on verification of the on-chain claims, which will shape operational responses by platforms and the trajectory of any regulatory or legal action.
