Renowned crypto sleuth ZachXBT claims to have uncovered the identity of the mysterious whale who profited immensely from high-leverage trades on Hyperliquid and GMX.
ZachXBT's Investigation
ZachXBT identified British hacker William Parker, formerly known as Alistair Packover, as the individual behind the $20 million trades. Parker was arrested in 2023 for stealing $1 million from two casinos. He has a history of hacking and gambling litigation.
Massive Leveraged Bets
The trader gained attention for earning approximately $20 million through trades with up to 50x leverage. On March 12, he intentionally liquidated a $200 million ETH position, causing a $4 million loss in Hyperliquid's liquidity. He continued to make high-value trades, earning $1.8 million.
Implications for Hyperliquid Platform
Hyperliquid stated that the liquidation was not an exploit but expected under trading conditions. In response, the platform revised collateral rules to prevent future occurrences.
ZachXBT's investigation highlights security and oversight issues in crypto platforms. William Parker's case emphasizes the importance of adapting rules to prevent potential losses.
