The unpredictability of the crypto market hit the famous decentralized perpetual exchange Hyperliquid, as a single Ethereum whale created a $4 million loss for the platform. The news itself is shocking, as the community speculated an insider. Still, some speculated that the crypto market mafias are taking over, claiming that the competing centralized exchanges (CEX) may have a hand in this. What’s happening? Let’s discuss this.
How did Hyperliquid lose $4M?
The incident began with an Ethereum whale opening a long position on ETH, established to be worth $285M, backed by only $14M in collateral. In the trading market, these long or short positions have a liquidation level. If the market moves against the price position, they get closed forcefully on this point.
Interestingly, the whale made smart decisions and strategically withdrew collateral over time. On-chain data reveals that the earlier liquidation level was $1,800, but the collateral pulling pushed it to $1,930.
When the Eth
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