On-chain investigator ZachXBT, known for exposing the ByBit hacker link to the Lazarus Group, has made a shocking revelation about the widely discussed “Hyperliquid 50x leverage whale.” According to him, this trader is not just making risky trades 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 hacker group Lazarus, but on-chain investigator ZachXBT dismissed these claims. He made it clear that there is no connection between the trader and Lazarus group.
Instead, ZachXBT revealed that the person behind the wallet is actually a cybercriminal who is using stolen funds to make these high-risk trades. This suggests that bad actors are not just stealing crypto but also taking advantage of leveraged trading to multiply their illegal profits.
Hyperliquid Whale’s Wild Bet
Meanwhile, these Hyperliquid Whale is taking high risk trade with minimum 25x to 50x leverage position.
On March 16, the whale deposited 2.5 million USDC into Hyperliquid, boosting a 40x short BTC position holding 4,422.77 BTC at an entry price of $84,043 and a liquidation point of $85,596.
This caught the attention of trader CBB, who called on others to push the whale into liquidation. The plan nearly worked as Bitcoin’s price hit $84,583.84, coming dangerously close to wiping out the whale’s position.
Beyond Bitcoin, the whale has also made high-stakes bets on Ethereum (ETH). On March 13, they opened a $45.17 million ETH short using leverage of 17.6x and 18.06x, followed by another 25x ETH short worth $35.86 million.
Then, on March 14, the trader switched strategies, going long on LINK with a $31 million position at 10x leverage, while also accumulating $12 million in spot LINK.
Whale Closes Positions with $9.46M Profit
According to Lookonchain, a prominent blockchain analytical platform the whale has now closed all positions, securing a total profit of $9.46 million in just 8 days.
While this trader has made millions, the whale’s actions have also caused instability in the market. At one point, the trader’s activities led to Hyperliquid’s liquidity pool losing $4 million during a massive liquidation event.
Meanwhile, the crypto community is now debating what action should be taken against such accounts. Should exchanges block them? Should authorities intervene? These are critical questions that remain unanswered.
