Who is Garrett Jin, the Black Swan trader?
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Who is Garrett Jin, the Black Swan trader?
Profited $80 million from precise shorting, on-chain data reveals suspicious funds linked to Garrett Jin.
Navigating Web3 tides with focused insightsAuthor: @eyeonchains
Translation: angelilu, Foresight News
Yesterday's market saw a black swan event, becoming the largest liquidation day in crypto history. Yet someone accurately predicted and shorted the market in advance, opening over $1.1 billion in short positions and profiting more than $80 million within 24 hours. Was this foresight or insider knowledge? The true identity of this whale has drawn significant market attention.
A Threads post by on-chain investigator Eye revealed the whale’s identity. To state the conclusion first, the investigator believes the whale is a Chinese individual named Garrett Bullish with multiple backgrounds. His crypto-related experiences include serving as Operations Director at Huobi (HTX), CEO of BitForex—which was later embroiled in a trading scandal—and founding several crypto projects. Meanwhile, the source of his massive funds appears to have raised suspicions.
In response to this incident, CZ retweeted the post, hoping someone could cross-verify it. Lookonchain indicated that JackYi, founder of Liquid Capital, might know something, noting that the wallet 0x52d3, which sent ETH for Gas from the address, also transferred 1.31 million USDC to Trend Research’s Binance deposit address.
ZachXBT, a respected on-chain investigator, expressed skepticism about the investigation at the time of writing, stating, "You explicitly claimed in your post that the Bitcoin whale is Garrett Jin, but now in your reply to me, you say these BTC must definitely be from multiple entities."
The authenticity of this investigation remains unverified. Below is Eye’s full analysis (slightly edited for translation), with Foresight News continuing to monitor developments:
Massive Fund Movements Draw Attention
An investigation into the mysterious Hyperliquid/Hyperunit whale reveals the individual holds over 100,000 BTC. Recently, he sold over $4.23 billion worth of Bitcoin to purchase Ethereum and placed $735 million in Bitcoin short orders on the same platform.
Between August and September, this whale used a series of Bitcoin wallets on Hyperliquid/Hyperunit’s spot and perpetual contracts to sell over 35,000 BTC for ETH. Meanwhile, multiple Ethereum addresses received over 570,000 ETH, all of which were subsequently deposited into the same Beacon deposit contract for staking.
Identity Clues Begin to Emerge
By analyzing the whale address that opened the $735 million Bitcoin short position, on-chain investigator Eye noticed it received transaction fees from a specific wallet. Tracing these transactions revealed connections to an address named "ereignis.eth".
Further investigation showed that "ereignis.eth" also owns another ENS name: "garrettjin.eth", which points to X (Twitter) user @GarrettBullish.
Background of Garrett Jin
Garrett Jin graduated from Boston University with a degree in Economics in 2008. He began his career at China Construction Bank. In 2012, he founded Da Yo Trading (HK), then served as Operations Director at Huobi (HTX) until 2015. Afterwards, he moved to Frankfurt, co-founded a healthcare platform, and left that role in 2017.
From 2017 to 2020, he served as CEO of @bitforexcom. The exchange later became embroiled in scandal, accused of fabricating trading volume, and suffered a private key leak in early 2024, resulting in approximately $57 million being withdrawn. The Hong Kong Securities and Futures Commission subsequently issued a fraud warning against the exchange, which eventually shut down, leaving many users with lost assets.
Project History and Fund Origins
During Bitforex’s collapse in 2020, Garrett founded WaveLabs VC 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.
The investigation shows that the Hyperliquid/Hyperunit whale’s funds primarily originated from Bitcoin withdrawals made years ago from exchanges such as HTX and OKX—a pattern suspiciously linked to his work history at Huobi and the missing funds from the Bitforex scam.
Current Status
Currently, Garrett still holds 46,295 BTC (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 questionable funds.
Notably, shortly after the related investigation was published, Garrett immediately removed @XHash_com from his X profile, changed his profile picture, and modified his Telegram privacy settings to hide previously public photos and phone number. On-chain investigator Eye commented, "Looks like he does have something to hide."
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