More than 1,000 wallets on Hyperliquid were completely liquidated during the recent violent cryptocurrency sell-off, which wiped out more than $1.23 billion in trading capital on the platform, according to its leaderboard data.
In total, 6,300 wallets are now in the red, and 205 have lost more than $1 million each, according to the data, which was first spotted by Lookonchain. More than 1,000 accounts suffered losses of at least $100,000.
The delisting came as crypto markets reeled from a global risk aversion event triggered by US President Donald Trump’s announcement of an additional 100% tariff on Chinese imports.
The move spooked investors across asset classes and sent cryptocurrency prices tumbling. Bitcoin briefly fell below $110,000 and ether fell below $3,700, while the broader market, as measured by the CoinDesk 20 (CD20) index, fell 15% at one point.
The widespread liquidation generated more than $19 billion in liquidations during a 24-hour period, making it the largest single-day liquidation event in cryptocurrency history by dollar value. According to CoinGlass, the “actual total” of liquidations is “likely much higher,” as Binance, the leading crypto exchange, does not report as quickly as other platforms.
Ranking data reviewed by CoinDesk shows that the top 100 Hyperliquid traders collectively earned $1.69 billion.
By comparison, the top 100 losers lost $743.5 million, leaving a net profit of $951 million concentrated among a handful of highly leveraged short sellers.
The biggest winner was wallet 0x5273…065f, which made over $700 million from short positions, while the biggest loser, “TheWhiteWhale,” lost $62.5 million.
Among the victims of the blush is crypto personality Jeffrey Huang, known online as Machi Big Brother, who once launched a defamation lawsuit against ZachXBT, losing almost the entire value of his wallet, which amounts to $14 million.
“It was fun while it lasted,” he posted on X.
Adding to the uncertainty, the ongoing US government shutdown has delayed the release of key economic data. Without official indicators, markets are going blind at a time when geopolitical risk is increasing.
