In the latest turn of events that would make even the dullest of country squires sit up and take notice, the notorious Hyperliquid trader, known for causing more commotion than a fox in a henhouse, has returned to the scene with a short on Bitcoin that would make Jeeves blink.
Word on the street, via the ever-so-reliable Simononchain and the mysterious X, is that a certain wallet, with the rather unromantic tag of “0xf3f4…057c,” has placed a rather substantial bet of $333.9 million on Bitcoin going down the tubes, using a leverage that would make a conservative investor faint dead away—40x, no less.
Our intrepid trader, with the boldness of a man ordering plover’s eggs for breakfast, entered the fray at $84,040.80. But as luck would have it, Bitcoin is now trading at $84,294, leaving our hero down a cool million in the most theoretical of losses. 😅
This is the very same chap who, in a previous escapade, executed a 50x ETH long position with the nonchalance of a man ordering a round of drinks at the club. And with a mere $4.3 million in margin, no less!
Displaying the sort of cunning that would make a card sharp envious, the trader withdrew funds in such a way as to trigger an auto-liquidation event, leaving Hyperliquid’s HLP Vault with a $4 million hole while the trader skipped away with a $1.8 million profit. 🏃♂️💨
After the dust settled, many a user was convinced the platform had been compromised, but Hyperliquid was quick to assure everyone that “There was no hack or exploit involved.” Just a bit of a spot of bother, really.
In response, the platform beefed up its margin rules, introducing a 20% margin requirement and reducing leverage limits to 40x for Bitcoin and 25x for Ethereum. But lo and behold, here comes our trader again, ready to test those new rules with a capital T.
As it stands, the trader is teetering on the brink, with a margin usage at 111%. One might say they’re dancing on the edge of a cliff, and a strong wind could send them plummeting into the abyss. 🌬️💥
Should this grand experiment go awry, it won’t just be the trader left holding the bag; the whole market might feel the pinch. And with Hyperliquid’s HLP Vault holding a tidy sum of $450 million, the last $4 million loss was but a mere trifle. But this new venture? Well, that’s a different kettle of fish altogether. 🐟🍳
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2025-03-15 19:22