$9.46M in 8 Days? The Dirty Truth Behind the Hyperliquid 50x Whale

Blockchain investigator ZachXBT, known for linking the ByBit hack to North Korea’s Lazarus Group, has made a shocking revelation about the well-known “Hyperliquid 50x Leverage Whale.” According to him, this trader is not just taking high-risk bets but is actually a cybercriminal using stolen funds.

Who is the Hyperliquid 50x Whale?

The so-called “Hyperliquid 50x Leverage Whale” gained attention in recent weeks for making massive leveraged trades on platforms like Hyperliquid and GMX. This trader has been placing high-risk bets on assets like Bitcoin (BTC), Ethereum (ETH), and Chainlink (LINK), leading to speculation about their identity.

Some believed the wallet was linked to the North Korean hacking group Lazarus, but ZachXBT has dismissed these claims. While the trader is involved in illegal activities, there is no connection to Lazarus.

According to ZachXBT, the person behind this account is using stolen funds to place high-leverage trades. This suggests that criminals are not only stealing cryptocurrency but also using leveraged trading to multiply their illegal profits.

Huge Leveraged Bets Shake the Market

The so-called Hyperliquid Whale has been taking risky trades with leverage ranging from 25x to 50x.

• On March 16, the whale deposited 2.5 million USDC into Hyperliquid and opened a 40x short position on Bitcoin. This trade involved 4,422.77 BTC at an entry price of $84,043, with a liquidation point at $85,596.
• This move caught the attention of trader CBB, who urged others to push the whale into liquidation. Their plan nearly worked when Bitcoin’s price reached $84,583.84, coming dangerously close to wiping out the whale’s position.

Other High-Stakes Trades

Bitcoin isn’t the only asset the whale has been betting on.

• On March 13, they opened a $45.17 million short position on Ethereum (ETH) using leverage of 17.6x and 18.06x, followed by another 25x short worth $35.86 million.
• On March 14, they switched strategies, going long on LINK with a $31 million position at 10x leverage while also buying $12 million in spot LINK.

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$9.46 Million in Profits, But at a Cost

According to blockchain analytics firm Lookonchain, the whale has now closed all positions, securing a total profit of $9.46 million in just eight days.

However, their actions have also disrupted the market. At one point, Hyperliquid’s liquidity pool suffered a $4 million loss during a major liquidation event.

Should Exchanges or Authorities Step In?

The crypto community is now debating what should be done about traders like this.

• Should exchanges block accounts involved in suspicious trading?
• Should regulators take action to prevent stolen funds from being used for leveraged bets?

For now, these questions remain unanswered, but this case highlights a growing problem in crypto – stolen funds being used to manipulate the market through high-risk trading.