This spring, a mysterious trader, known as the "Hyperliquid whale," shook the crypto world by shorting Bitcoin to the tune of $520 million. This bet became a hot topic within the community.
Closure of Hyperliquid Positions
After three days of trading, the Hyperliquid whale closed all Bitcoin short positions, earning over $4 million. Pseudonymous trader Cbb0fe reported a profit of around $9 million. Despite the significant gain, the trader's team noted the primary thrill was experiencing the rush.
Speculation on the Source of Funds
Analyst ZachXBT suggested the trader might be linked to cybercriminal activity, employing stolen funds for their trades. However, he dismissed any connections to the North Korean hacker group Lazarus.
Impact on the Crypto Market
The manipulation with large bets had a significant impact on the market. Calls from traders to increase Bitcoin's price thwarted the whale's initial liquidation target. After closing positions, the whale transferred 21.88 million USDC back to their wallet and acquired cryptocurrency totaling over 6 million USDC. Bitcoin's value remains volatile following these events, continuing to hover around $82,638.
The actions of the Hyperliquid whale illustrate how fragile the crypto market can be under major manipulations. While the origin of the funds used remains an open question, the activity continues to concern market participants.
