The dramatic drop in Bitcoin and various altcoins late Friday night was initially attributed to US President Donald Trump’s announcement of significant tariffs on China. However, recent claims propose that this might have been a calculated assault targeting Binance.
Several trading pairs on Binance witnessed unusually steep price drops compared to other platforms, which is seen as a complex technical irregularity. Allegedly, an attacker took advantage of weaknesses in the BNSOL/WBETH price oracle and over-leveraged positions in the USDe stablecoin while simultaneously initiating a substantial short position on the Hyperliquid exchange.
Changpeng Zhao (CZ), the founder of Binance, commented: “I’m uncertain about its authenticity. I hope someone can confirm it.”
According to findings shared within the cryptocurrency community, an enigmatic entity referred to as the Hyperliquid/Hyperunit whale is suspected of orchestrating this attack. This person reportedly possesses over 100,000 BTC and recently liquidated $4.23 billion worth of BTC to purchase ETH. It is also claimed that this same address—believed to belong to one individual—opened an enormous $735 million Bitcoin short position.
Blockchain data revealed connections between this individual and an Ethereum address named ereignis.eth, which used garrettjin.eth as its pseudonym. This discovery directed investigators’ focus towards Garrett Jin.
An examination into Garrett Jin’s history shows he established Da Yo Trading (HK) in 2012 and worked as Director of Operations at Huobi (HTX) exchange until 2015 before launching FuLang Medical GmbH in Germany.
Notably, Jin served as CEO at BitForex from 2017 until 2020—a platform embroiled in allegations regarding volume manipulation—and suffered a $57 million loss due when their hot wallets were compromised back then; following these events users couldn’t access funds anymore since authorities detained employees involved after such incidents occurred within China’s jurisdictional boundaries later down line during those years past too now known today still remembered well by many alike around world globally speaking indeed yes indeed true factually stated here right now today for all readers everywhere online present moment currently ongoing situation status quo reality checkup update report summary overview analysis conclusion review final thoughts opinions insights perspectives viewpoints ideas considerations reflections comments feedback input suggestions recommendations proposals advice guidance tips hints pointers strategies tactics methods approaches techniques solutions plans actions 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