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CZ Exposes Bitcoin Whale Who Made $192 Million From Friday’s Crash

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Changpeng “CZ” Zhao has thrust a fast-escalating on-chain thriller into the middle of Bitcoin’s information cycle, amplifying an investigation that alleges a single Hyperliquid dealer—lengthy rumored to manage greater than 100,000 Bitcoin—each catalyzed and profited from final Friday’s violent deleveraging. “Not certain of validity. Hope somebody can cross verify,” CZ wrote on X as he quote-posted a 12-part thread by pseudonymous researcher Eye that makes an attempt to tie the “Hyperliquid/Hyperunit whale” to former BitForex chief govt Garrett Jin.

This Is The Infamous Bitcoin Whale

The timing and profitability will not be in dispute. Multiple market dashboards point out the whale’s quick wager—opened on Hyperliquid solely minutes earlier than the US–China tariff headlines hit—was closed for roughly $192 million in revenue, after which a contemporary ~$160 million notional Bitcoin quick was reportedly opened over the weekend.

What Eye provides is a series of attribution. The thread claims that, throughout August–September, the whale rotated more than $4.23 billion value of Bitcoin into ETH on Hyperliquid utilizing each spot and perpetuals, then funneled over 570,000 ETH into staking, in the end interacting with a customized deposit contract.

Eye additional asserts that charge funding for the tackle that positioned the now-famous ~$735 million Bitcoin quick could be traced—by way of a set of middleman wallets and a Binance deposit tackle—to an ENS id, “ereignis.eth,” which Eye says resolves to a second ENS, “garrettjin.eth,” and in the end to Jin’s public X account.

In Eye’s telling, the Bitcoin provenance followers out to outdated withdrawals from HTX/Huobi, OKX, ViaBTC, Bixin and Binance from seven to eight years in the past, a interval overlapping Jin’s early-crypto resume. None of this, Eye concedes between the strains, is a signed confession; it’s a linkage map constructed from tackle reuse, ENS pointers and funding paths.

Jin successfully acknowledged he’s the person in Eye’s crosshairs—whereas rejecting probably the most explosive insinuations. “Hi @cz_binance, thanks for sharing my private and personal data. To make clear, I’ve no reference to the Trump household or @DonaldJTrumpJr — this isn’t insider buying and selling,” he wrote on Monday.

He adopted with a multi-part clarification of the staff’s bearish posture going into the transfer, arguing that the crash was telegraphed by a mix of macro, cross-asset correlation and structural leverage alerts fairly than privileged political intel.

“From a technical evaluation perspective, US tech shares, A-shares tech shares, and main cryptocurrencies have all proven overbought alerts, similar to MACD divergence,” Jin posted, including that “cryptos and US tech shares traditionally have a high optimistic correlation,” and that his inner fashions had thrown “threat alerts” amid rising US–China commerce frictions since late September.

He additionally contended that excessive retail leverage on non-cash-flowing crypto belongings made a liquidity spiral inevitable, and proposed that exchanges adopting “a stabilization fund-like mechanism, much like US equities, [to] present liquidity help throughout crises” would cut back repeat blow-ups.

At press time, Bitcoin traded at $114,533.

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