The liquidation of a trade of more than $ 200 million in Ether (ETH) leads to a loss of $ 4 million for hyperlichid, where the “whale” placed the bet.
The liquidation saw the wallet ‘0xf3f4’ opening a 50x 50X ETH position, depositing $ 4.3 million of USDC as a margin for a total size of 113,000 eth.
Then, the wallet began to withdraw funds, reducing the margin below the maintenance requirements in a movement that resulted in a gain of $ 1.8 million for the user, but a loss of $ 4 million for the vault of the hyperlychid supplier (HLP) of Hyperliquid.
The vaults are a blockchain based product in hyperlichid where users can deposit the USDC to potentially obtain part of the profits generated by the commercial strategies of other users or the owner of the vault.
The movements created speculations among hyperlycid users of a possible exploit of the platform, a rumor that soaked in an X publication.
“There was no exploit or protocol hack,” said Hyperliquid. “This user had not made NLP, he retired, who lowered his margin and was liquidated. They ended with ~ $ 1.8 million in NLP. HLP lost ~ $ 4 million in the last 24h. The NLP of all HLP times remains at ~ $ 60 million. As a reminder, HLP is not a risk -free strategy. ”
Hyperliquid added that the maximum leverage for Bitcoin (BTC) and ETH A 40X and 25X, respectively, to increase the maintenance margin requirements for larger positions as a preventive measure for similar movements in the future.
The Hyperliquid HLP vault still has a historical gain of $ 60 million, according to the data. Meanwhile, the token of the platform fell from $ 14 to less than $ 13 in an instinctive movement after liquidation, although since then the brief slide has completely recovered at the end of the Asian hours.
