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š”š”š” Crypto exchange BITFOREX has announced that it will reopen for users to withdraw assets.
The team remains in police custody in Jiangsu Province, China as of February 23, 2024.
š± Around $56.5 million flowed out of the BitForex hot wallet on February 23, and withdrawals were halted thereafter.
ā ļø We can never tell you enough, friends, distribute your assets across different platforms and for the most experienced, use wallets
#bitforex
The team remains in police custody in Jiangsu Province, China as of February 23, 2024.
š± Around $56.5 million flowed out of the BitForex hot wallet on February 23, and withdrawals were halted thereafter.
ā ļø We can never tell you enough, friends, distribute your assets across different platforms and for the most experienced, use wallets
#bitforex
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š³ CZ revealed the identity of the whale suspected of insider trading ā it turned out to be the former head of the exchange #bitforex with a fortune of about $10 billion.
He denies everything, claiming that he is not connected to the Trump family.
Now we are waiting to see if there will be news from #CZ regarding #Hyperliquid .
He denies everything, claiming that he is not connected to the Trump family.
Now we are waiting to see if there will be news from #CZ regarding #Hyperliquid .
Hong Kong-based crypto trading platform BitForex has recently become the center of attention in the crypto community as it went offline following suspicious trading activities.
#bitforex #Crypto #CryptoNewsšš°š« #CryptoNewsUpdate
#bitforex #Crypto #CryptoNewsšš°š« #CryptoNewsUpdate
šØ 100,000 BTC Hyperliquid Whale Allegedly Linked to Former BitForex CEO Garrett Jin in Fraud Scandal
On-chain sleuth EyeOnChain claims the mysterious Hyperliquid whale holding 100K BTC is tied to former BitForex CEO Garrett Jin, accused of a $56.5M exit scam in Feb 2024. The probe links Jin to wallets via ENS domains ereignis.eth & garrettjin.eth, tracing funds back to Huobi-era accounts and the BitForex collapse.
Jin denies ownership, stating, āThe fund isnāt mine ā itās my clientsā.ā However, records show he still controls 46,295 BTC (~$5.19B) across multiple wallets. Between AugāSept, he sold 35K BTC for ETH, staking 570K+ ETH via his company XHash, which may have onboarded BitForex-related funds.
The whale also opened a $735M BTC short on Hyperliquid just before Trumpās China tariff speech, triggering a market crash ā sparking speculation of insider timing.
Binanceās CZ reacted to the claims, saying heās ānot sure of validity, hope someone can cross-check.ā
Evidence shows connections between BitForexās drained hot wallets, Jinās ENS-linked addresses, and Hyperliquid trades, suggesting a web of old exchange assets now circulating under new fronts.
Meanwhile, Hyperliquid co-founder Jeff Yan accused CEXs of underreporting user liquidations during last weekās crash ā to which CZ fired back, noting Binance āprotected users with hundreds of millions out of pocket.ā
The crypto world watches closely as one of the largest BTC whales faces allegations that could expose a deeper web of exchange-era laundering and market manipulation.
#Bitcoin #Hyperliquid #BitForex #GarrettJin #CryptoNews
On-chain sleuth EyeOnChain claims the mysterious Hyperliquid whale holding 100K BTC is tied to former BitForex CEO Garrett Jin, accused of a $56.5M exit scam in Feb 2024. The probe links Jin to wallets via ENS domains ereignis.eth & garrettjin.eth, tracing funds back to Huobi-era accounts and the BitForex collapse.
Jin denies ownership, stating, āThe fund isnāt mine ā itās my clientsā.ā However, records show he still controls 46,295 BTC (~$5.19B) across multiple wallets. Between AugāSept, he sold 35K BTC for ETH, staking 570K+ ETH via his company XHash, which may have onboarded BitForex-related funds.
The whale also opened a $735M BTC short on Hyperliquid just before Trumpās China tariff speech, triggering a market crash ā sparking speculation of insider timing.
Binanceās CZ reacted to the claims, saying heās ānot sure of validity, hope someone can cross-check.ā
Evidence shows connections between BitForexās drained hot wallets, Jinās ENS-linked addresses, and Hyperliquid trades, suggesting a web of old exchange assets now circulating under new fronts.
Meanwhile, Hyperliquid co-founder Jeff Yan accused CEXs of underreporting user liquidations during last weekās crash ā to which CZ fired back, noting Binance āprotected users with hundreds of millions out of pocket.ā
The crypto world watches closely as one of the largest BTC whales faces allegations that could expose a deeper web of exchange-era laundering and market manipulation.
#Bitcoin #Hyperliquid #BitForex #GarrettJin #CryptoNews
Investigation ties 100,000 BTC Hyperliquid whale to former BitForex CEO
An onchain investigation by crypto researcher Eye has linked the mysterious Hyperliquid whale, who controls over 100,000 $BTC , to Garrett Jin, the former CEO of BitForex, a now-defunct exchange embroiled in a fraud scandal.
In a SaturdayĀ postĀ on X, the onchain sleuth noted that the whaleās main wallet, ereignis.eth, was connected to another ENS name, garrettjin.eth, which directly leads to Jinās verified X (Twitter) account, @GarrettBullish.
āThe ENS name ereignis.eth (āeventā in German) confirms his link to this wallet, identifying him as the actor behind the large-scale operations on Hyperliquid/Hyperunit,ā Eye wrote on X.
The wallet activity also matched Jinās known business dealings, including transfers to staking contracts and addresses funded by exchanges he had past ties with, such as Huobi (HTX).
Further, the whaleās wallet received and sent funds that traced back to BitForex-related addresses and to Binance deposits used to open massive trades, including a $735 million Bitcoin
short.
BitForex accused of fraud
Jin led BitForex from 2017 to 2020. The exchange was later accused of falsifying trading volumes and flagged by Japanās Financial Services Agency for operating without registration.
In 2024, BitForex lost $57 millionĀ from its hot wallets, froze withdrawals and ultimately shut down after its team was detained in China. Hong Kongās SFC laterĀ issued a warning for suspected fraud, and users claimed millions in unrecovered funds.
Following BitForexās collapse, Jin founded several ventures, including WaveLabs VC (2020), TanglePay (2021), IotaBee (2022) and GroupFi (2023). Most of these projects have since become inactive.
In 2024, he launched XHash.com, a platform for institutional Ethereum staking, which investigators allege may have been used to onboard questionable funds. After the allegations surfaced, Jin reportedly removed XHash from his social media bio, though it remains visible on his Telegram account.
Not everyone is convinced
Crypto analyst Quinten FranƧoisĀ expressedĀ skepticism over the claims linking the Hyperliquid whale to the former BitForex CEO, arguing that the evidence may be too convenient.
āWhy would you have an .eth name leading to your X handle in a wallet that directly connects to market manipulation wallets and wallets for other crime?ā he wrote on X, adding that such a setup āsounds way too simple to be true.ā #bitforex
In a SaturdayĀ postĀ on X, the onchain sleuth noted that the whaleās main wallet, ereignis.eth, was connected to another ENS name, garrettjin.eth, which directly leads to Jinās verified X (Twitter) account, @GarrettBullish.
āThe ENS name ereignis.eth (āeventā in German) confirms his link to this wallet, identifying him as the actor behind the large-scale operations on Hyperliquid/Hyperunit,ā Eye wrote on X.
The wallet activity also matched Jinās known business dealings, including transfers to staking contracts and addresses funded by exchanges he had past ties with, such as Huobi (HTX).
Further, the whaleās wallet received and sent funds that traced back to BitForex-related addresses and to Binance deposits used to open massive trades, including a $735 million Bitcoin
short.
BitForex accused of fraud
Jin led BitForex from 2017 to 2020. The exchange was later accused of falsifying trading volumes and flagged by Japanās Financial Services Agency for operating without registration.
In 2024, BitForex lost $57 millionĀ from its hot wallets, froze withdrawals and ultimately shut down after its team was detained in China. Hong Kongās SFC laterĀ issued a warning for suspected fraud, and users claimed millions in unrecovered funds.
Following BitForexās collapse, Jin founded several ventures, including WaveLabs VC (2020), TanglePay (2021), IotaBee (2022) and GroupFi (2023). Most of these projects have since become inactive.
In 2024, he launched XHash.com, a platform for institutional Ethereum staking, which investigators allege may have been used to onboard questionable funds. After the allegations surfaced, Jin reportedly removed XHash from his social media bio, though it remains visible on his Telegram account.
Not everyone is convinced
Crypto analyst Quinten FranƧoisĀ expressedĀ skepticism over the claims linking the Hyperliquid whale to the former BitForex CEO, arguing that the evidence may be too convenient.
āWhy would you have an .eth name leading to your X handle in a wallet that directly connects to market manipulation wallets and wallets for other crime?ā he wrote on X, adding that such a setup āsounds way too simple to be true.ā #bitforex
Bitdegree _ Daily Squeeze
News drops you can't miss
šø Sending #money online and not sure what's actually safe? We've rounded up the smartest (and least sketchy) ways to move your money.
šµļøāāļø #blockchain researcher Eye says that Garrett Jin, who used to run #bitforex , might be the Hyperliquid whale who holds 100K+ BTC. Eye found the connection between the trader's wallet and Jin's X account.
š #ethena Labs founder Guy Young said USDe's price drop on #Binance wasn't because anything was wrong with the token or its reserves. He said it came down to how Binance handled price data when the market was tanking.
"Do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"
$BTC $ENA $USDE
News drops you can't miss
šø Sending #money online and not sure what's actually safe? We've rounded up the smartest (and least sketchy) ways to move your money.
šµļøāāļø #blockchain researcher Eye says that Garrett Jin, who used to run #bitforex , might be the Hyperliquid whale who holds 100K+ BTC. Eye found the connection between the trader's wallet and Jin's X account.
š #ethena Labs founder Guy Young said USDe's price drop on #Binance wasn't because anything was wrong with the token or its reserves. He said it came down to how Binance handled price data when the market was tanking.
"Do support by follow, like, comment, share, repost to reach maximum audience, more such informative content ahead"
$BTC $ENA $USDE
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š„ New investigation into the insider worth hundreds of millions $$$
Recall ā after the deal of the 'whale' surfaced online, which earned $160 million literally just hours before the tariffs against China were announced, on-chain detective #Eye rolled out an investigation
The suspect ā Garrett Jean, former head #bitforex , whose fortune is estimated at $10 billion. But new data suggests that Jean may have been just a front, while the real players operated much closer to Washington
According to sources, the transaction chain intersects with addresses linked to Zach Whitcoff and Chase Herro, and one of the intermediaries allegedly attended events at the White House multiple times
š± According to the version, the leaks could have come from the presidential entourage and his older sons, allowing insiders to open positions before official statements ā and to withdraw hundreds of millions of dollars from the market
A separate thread of the investigation leads to Asia: on-chain channels have been exposed through which, according to analysts' assumptions, structures affiliated with Chinese investment funds and the CPC could have operated
After the publication of the materials, Eye stated that it is halting work 'for safety reasons'
š³ OŠŗŠ°Šŗ
Recall ā after the deal of the 'whale' surfaced online, which earned $160 million literally just hours before the tariffs against China were announced, on-chain detective #Eye rolled out an investigation
The suspect ā Garrett Jean, former head #bitforex , whose fortune is estimated at $10 billion. But new data suggests that Jean may have been just a front, while the real players operated much closer to Washington
According to sources, the transaction chain intersects with addresses linked to Zach Whitcoff and Chase Herro, and one of the intermediaries allegedly attended events at the White House multiple times
š± According to the version, the leaks could have come from the presidential entourage and his older sons, allowing insiders to open positions before official statements ā and to withdraw hundreds of millions of dollars from the market
A separate thread of the investigation leads to Asia: on-chain channels have been exposed through which, according to analysts' assumptions, structures affiliated with Chinese investment funds and the CPC could have operated
After the publication of the materials, Eye stated that it is halting work 'for safety reasons'
š³ OŠŗŠ°Šŗ
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