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

Changpeng “CZ” Zhao has thrust a fast-escalating on-chain mystery into the center of Bitcoin’s news cycle, amplifying an investigation that alleges a single Hyperliquid trader—long rumored to control more than 100,000 Bitcoin—both catalyzed and profited from last Friday’s violent deleveraging. “Not sure of ￰1￱ someone can cross check,” CZ wrote on X as he quote-posted a 12-part thread by pseudonymous researcher Eye that attempts to tie the “Hyperliquid/Hyperunit whale” to former BitForex chief executive Garrett ￰2￱ sure of ￰3￱ someone can cross check. ￰0￱ — CZ BNB (@cz_binance) October 12, 2025 This Is The Infamous Bitcoin Whale The timing and profitability are not in ￰4￱ market dashboards indicate the whale’s short bet—opened on Hyperliquid only minutes before the US–China tariff headlines hit —was closed for roughly $192 million in profit, after which a fresh ~$160 million notional Bitcoin short was reportedly opened over the ￰5￱ Eye adds is a chain of ￰6￱ thread claims that, across August–September, the whale rotated more than $4.23 billion worth of Bitcoin into ETH on Hyperliquid using both spot and perpetuals, then funneled over 570,000 ETH into staking, ultimately interacting with a custom deposit ￰7￱ further asserts that fee funding for the address that placed the now-famous ~$735 million Bitcoin short can be traced—via a set of intermediary wallets and a Binance deposit address—to an ENS identity, “ereignis.

eth,” which Eye says resolves to a second ENS, “garrettjin. eth,” and ultimately to Jin’s public X ￰8￱ Eye’s telling, the Bitcoin provenance fans out to old withdrawals from HTX/Huobi, OKX, ViaBTC, Bixin and Binance from seven to eight years ago, a period overlapping Jin’s early-crypto ￰9￱ of this, Eye concedes between the lines, is a signed confession; it is a linkage map built from address reuse, ENS pointers and funding ￰10￱ effectively acknowledged he is the individual in Eye’s crosshairs—while rejecting the most explosive insinuations. “Hi @cz_binance, thanks for sharing my personal and private ￰11￱ clarify, I have no connection with the Trump family or @DonaldJTrumpJr — this isn’t insider trading,” he wrote on ￰12￱ @cz_binance , thanks for sharing my personal and private ￰13￱ clarify, I have no connection with the Trump family or @DonaldJTrumpJr — this isn’t insider trading. — Garrett (@GarrettBullish) October 13, 2025 He followed with a multi-part explanation of the team’s bearish posture going into the move, arguing that the crash was telegraphed by a blend of macro, cross-asset correlation and structural leverage signals rather than privileged political intel.

“From a technical analysis perspective, US tech stocks, A-shares tech stocks, and major cryptocurrencies have all shown overbought signals, such as MACD divergence,” Jin posted, adding that “cryptos and US tech stocks historically have a high positive correlation,” and that his internal models had thrown “risk alerts” amid rising US–China trade frictions since late ￰14￱ also contended that extreme retail leverage on non-cash-flowing crypto assets made a liquidity spiral inevitable, and proposed that exchanges adopting “a stabilization fund-like mechanism, similar to US equities, to provide liquidity support during crises” would reduce repeat ￰15￱ press time, Bitcoin traded at $114,533.