The biggest short-selling mysterious whale in 1011 is not a Trump insider but him?

JinseFinance

2025/10/12 22:25

Written by: 0xjs@黄金财经

The crypto market flash crash of October 11th is still unfolding.

What exactly triggered the crash? Who was shorting? These are the questions that concern the crypto community.

In particular, the short-selling whales who reaped huge profits stand out amid the wailing of the crypto market.

Trump insider?

For example, crypto analyst MLM's conspiracy theory-like claims have been particularly popular, garnering 3.4 million views. He wrote:

This BTC whale closed 90% of his BTC short position on Hyperliquid and completely eliminated his ETH short position, making a profit of approximately $190 million to $200 million in a single day. Even more insane, he shorted nine figures worth of BTC and ETH just minutes before the crash. And this was a public short position on Hyperliquid. Imagine what he'd done on centralized exchanges (CEXs) or elsewhere. I'm certain this person played a significant role in what happened today. The so-called "$190 million profit in 30 minutes" story spread widely, especially since the short position occurred just minutes before the crash (i.e., before Trump's tweet). Therefore, many people attribute this whale to someone connected to the Trump insider group. Many American users responded to this post using Trump’s youngest son Barron: However, Hyperscan data shows that the so-called $190 million profit was not earned from short selling on October 11. On October 11, this mysterious whale made $88 million and $72 million in profits by shorting BTC and ETH, respectively. As early as August 25, this whale made a profit of nearly $350 million by going long on ETH.
This is where the $190 million came from.
Detailed data:
https://hyperbot.network/trader/0x2ea18c23f72a4b6172c55b411823cdc5335923f4
https://hyperbot.network/trader/0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae Therefore, the evidence that this mysterious whale originated from the Trump Organization isn't definitive, but it doesn't completely rule out the possibility. Could there be someone else behind this mysterious whale? Who is Garrett Jin? On-chain detective Eyeonchains later announced they had tracked down this whale, linking it to Garrett Jin. Let's examine his reasoning. 1. Investigating the identity of the mysterious Hyperliquid/Hyperunit whale, which holds over 100,000 BTC. Recently, he sold over $4.23 billion in BTC to purchase ETH, and he was the mastermind behind a $735 million short order on BTC on the same platform.
2. During August and September, he used the SPOT and PERP platforms through Hyperliquid/Hyperunit and used a series of BTC wallets to sell more than 35,000 BTC in exchange for ETH. 169qYZJYkyW7HhmWTj58mVXRZDhMFHPZPd
17MWdxfjPYP2PYhdy885QtihfbW181r1rn
< p>12XqeqZRVkBDgmPLVY4ZC6Y4ruUUEug8Fx
1E2JG2cZNkVdpdHQJ54MrpgoD28HHnZRpQ
19D5J8c59P2bAkWKvxSYw8scD3KUNWoZ1C
1NtXY85WnT4RLcsJU6a6dF5VRLos1XiWsi< /p>
https://intel.arkm.com/tracer/7ab8c884-b39b-47da-91a8-21e068722794
0xE6D23a0504C51C495a24cA6874E838AFaf6C0ed0
0x308358d56A7319633dCDb4EACda485C3E0672311
0 xF6FD12fbf8bBe0e08Ac739c3634CD1cB21acf5E9
0xe8337B3Fed1101924E9A9F89eD48A0D1C5B8Ec3F
0xF744f666 21Df59861fe621444E473b595bb83Ad4
0x4116812b89749563d40B0ffC187Db7ce668711Cb
0x4515d87323f54b369 49a478Ed64533779C228e23
https://intel.arkm.com/tracer/ad65f6e6-3775-4ee8-bb03-dd706c21a94a
5. Analysis
6. Investigating the ereignis.eth address revealed it had a second ENS name, garrettjin.eth, which points to user X, @GarrettBullish. 7. Garrett Jin, who graduated from Boston University with a degree in economics in 2008, began his career as an intern at China Construction Bank, where he worked until 2011. In 2012, he founded his first company, Da Yo Trading (HK), which he operated until 2014. He then made another career move into the cryptocurrency space, serving as Director of Operations at Huobi (HTX) until 2015. He then moved to Frankfurt and co-founded the healthcare platform FuLang Medical Germany GmbH, leaving the company in 2017. 8. From 2017 to 2020, he served as CEO of BitForex, an exchange embroiled in a scandal for allegedly fabricating trading volumes. In 2023, the company was flagged by Japan’s Financial Services Agency (FSA) for operating without registration. In February 2024, the private keys to its hot wallet were leaked, and approximately $57 million was withdrawn without any clear explanation. Shortly thereafter, the website became inaccessible, withdrawals were frozen, and all operations ceased.
In July 2024, BitForex announced that its team had been detained and investigated by police in Jiangsu Province, China. They promised to reopen KYC-based withdrawal services but suspended trading and deposits for "thorough rectification" before closing.
The Hong Kong Securities and Futures Commission issued a warning about suspected fraud. Subsequently, the company was repeatedly accused of withholding and misappropriating funds, and because the problems were not thoroughly resolved, many users lost their assets in this unregulated mess. 9. During the devastating collapse of BitForex, Garrett founded WaveLabs VC in 2020 (operating until 2023) and launched the following projects: TanglePay (2021), IOTABee (2022), and GroupFi (2023). TanglePay is a mobile/Chrome wallet supporting IOTA, tokens, staking, DeFi, and NFTs, and has evolved into a "talking wallet" for Web3. Its X account has been inactive since 2024. IotaBee, a cross-chain exchange DEX on IOTA/Shimmer, ultimately shut down in 2024. GroupFi, a free Web3 messaging protocol for gated/cross-dApp chat, is still operational and has received seed funding. The ENS name ereignis.eth (German for "event") confirms his connection to the wallet, implicating him as the mastermind behind the massive Hyperliquid/Hyperunit operation. Curiously, the person following him on X is Hyperunit founder @sershokunin. The Hyperliquid/Hyperunit whale's funds come from these two addresses: 1KYUyiWdVmj7zZnFrJq3Ug5KRUGQRrp3rd 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7. These BTC were withdrawn 7-8 years ago, primarily from HTX, OKX, ViaBTC, Bixin, and Binance. This suspicious pattern ties in with his past at Huobi Global and the disappearance of funds from the Bitforex scam. His Bitforex address is linked to the whale address 1BerWiJ9eNLg6XvFxzeTrWjjKYiFQXLrRq. Garrett is also the founder (since 2024) of XHash, a non-custodial institutional platform for ETH staking. All staked ETH may have been used to funnel suspicious funds into the company, continuing a trajectory of cryptocurrency controversy and raising questions about his integrity. Clearly, he hasn't learned from his past fraudulent behavior. Curiously, after @emmettgallic posted a post, Garrett removed XHash from his X profile and changed his profile picture. However, on Telegram, he still has XHash in his profile and uses the same avatar (PFP) as before on X.
12. Currently, Garrett still holds 46,295 BTC (current value 51.9 The identity of the mysterious whale remains a mystery. Of course, Eyeonchains is just one person’s opinion. Another well-known on-chain detective disagrees with Eyeonchains’ view. He stated that this wasn't new information, as emmettgallic had already revealed transfers from the Hyperliquid whale to Garrett Jin two days prior. The only direct link was a 40,000 USDT transfer, and the rest of the Eyeonchains article was unconfirmed speculation. It seemed more likely to be a friend of Jin's. He responded directly to Eyeonchains: You explicitly stated in your post that the Bitcoin whale was Garrett Jin, yet now you're replying to me by saying, "These BTC must have come from multiple entities."