“Whale” Swims Away with $1.8M as Hyperliquid Drowns in $4M Loss 😱

by

In the world of digital seas:

  • In a tale of a colossal creature and a small boat, a ‘whale’ wallet on Hyperliquid took a deep dive into a $200 million long trade on ether (ETH), only to surface with a $4 million hole in Hyperliquid’s hull.
  • This aquatic mammal then decided to empty its treasure chest, swimming away with $1.8 million in gold coins while leaving Hyperliquid’s Hyperliquid Provider (HLP) vault to sink in a $4 million abyss.
  • As a life raft, Hyperliquid will now adjust the maximum leverage for bitcoin (BTC) and ETH to 40x and 25x, ensuring that such leviathans do not capsize their financial vessels again.

Oh, the irony! A wallet named ‘0xf3f4’ thought it was the captain of the seas, leveraging a 50x long ETH position, only to find itself in the belly of the beast—err, I mean, the belly of a financial blunder.

As the wallet began to lighten its load, the margin slipped below the waves, leading to a profit for the user that was as surprising as a mermaid sighting. Yet, for Hyperliquid, it was as welcome as a kraken attack.

These vaults, you see, are like treasure chests on the ocean floor, where users deposit USDC in hopes of sharing in the plunder of others’ trading victories. But sometimes, it seems, the chest is empty—or worse, full of seaweed.

Rumors spread like a school of fish that perhaps the platform had been boarded by pirates, but Hyperliquid swatted away such tales like a pesky seagull.

“No protocol exploit or hack,” they declared. “Just a case of a sailor with a map, who withdrew too much, and found themselves walking the plank. They ended with ~$1.8M in PNL. HLP lost ~$4M over the past 24h. HLP’s all-time PNL remains at ~$60M. Remember, HLP is not a lifeboat.”

In a move to avoid future shipwrecks, Hyperliquid will now require larger positions to carry more ballast, adjusting the maximum leverage for BTC and ETH.

Despite the storm, Hyperliquid’s HLP vault still boasts a treasure of $60 million, and the platform’s HYPE token, after a brief dip, has resurfaced, as resilient as ever.

Read More

2025-03-12 15:49