What you simply must know:
- One daring ether trader on Hyperliquid transformed a princely $26 million paper profit into a positively abysmal loss of $716,000. Bravo, darling, bravissimo! 🎩
- The misadventurer, identified only as that rather cryptic 0xCB92, thought it clever to double down as ETH prices took off, which, naturally, led to a stop-loss so dramatic it deserves its own overture.
- Observers are calling it “the sequel nobody asked for,” as it conjures up memories of the legendary James Wynn’s tour de farce on Hyperliquid.
Move over, Agatha Christie—there’s a new whodunit in town! A trader, who goes by the irresistibly romantic moniker 0xCB92, has the entire blockchain set fluttering, having transformed a fortune into a fumble with all the poise of a debutante tripping over her own frock.
According to the chaps at Lookonchain, our plucky protagonist opened a 50,000 ETH short on Hyperliquid. At one point, this gamble sat atop a $26 million unrealized profit. The sort of windfall that would make even the Queen’s corgis do cartwheels.
Instead of bowing out gracefully with bulging coffers, 0xCB92 took the “go big or go bankrupt” route, throwing yet another 10,000 ETH onto the fire just as the price began doing what prices do: rising. For those not fluent in casino, a short position is the financial equivalent of heckling your own horse at the Derby.
Alas! As ETH flexed its muscles, the inevitable curtain fell. Stop-loss was triggered, dreams were dashed, and Lookonchain reports the trader emerged from the fray a cool $716,000 lighter. (One can only hope they have a taste for melancholy jazz 🎷.)
Unbelievable! From a profit of over $26M to a $716K loss. 😱
Smart trader 0xCB92 watched his 50K $ETH short position climb to over $26M in unrealized gains, but never closed.
As $ETH surged, his position hit stop-loss, leaving him with a $716K loss.
— Lookonchain (@lookonchain) July 10, 2025
Perhaps, one muses, it was all a cunning hedge against long positions? Regrettably, on-chain detectives could only find a solitary short, meaning our hero was simply putting all the crumpets in one basket.
This folly calls to mind the infamy of James Wynn, Hyperliquid’s own Icarus, who soared with a $1.25 billion notional BTC long at $108,243 apiece. Tragically, his wings—fashioned exclusively from bravado and questionable risk management—dissolved quicker than ice in a gin and tonic once the price dipped below $105,000, thanks to President Trump’s tariffs.
The result? Liquidations galore: a 527 BTC tumble worth $55 million, another worth $44 million, and a total loss so grand it left rubberneckers gasping and armchair therapists on standby. Wynn, to his credit, decided to stay out of the spotlight. Enter, stage left: 0xCB92?
In the grand theatre of crypto, there’s always another act. 💸🎭
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2025-07-10 11:10