Overview

• Pseudonymous researcher EyeOnChain alleges the trader controlling more than 100,000 BTC on Hyperliquid can be tied to former BitForex CEO Garrett Jin through ENS registrations and historical exchange flows.
• The wallet cluster reportedly rotated over $4.23 billion in bitcoin into ether in recent months and placed a $735 million BTC short minutes before tariff headlines, a trade Bitcoinist reports closed for roughly $192 million in profit.
• Some of the acquired ether was traced to deposits into Ethereum’s Beacon Deposit Contract, with flows linked to staking services associated with Jin’s company XHash.
• Jin told Yahoo Finance the funds belong to clients and, in posts flagged by Bitcoinist, denied any political connections or insider information and attributed the bearish positioning to market and leverage signals.
• Binance’s Changpeng Zhao shared the investigation while urging cross-checks, Hyperliquid has not commented, and no regulator has confirmed an inquiry as independent analysts caution the on‑chain evidence may be circumstantial.