On-chain investigator ZachXBT, known for exposing the connection between ByBit hackers and the Lazarus group, has made a shocking revelation about the "Hyperliquid 50x whale". According to ZachXBT, this is not simply a risk-loving trader, but rather a cybercriminal using stolen funds to execute trades.
The "Hyperliquid 50x Whale" has gained attention for making large leveraged trades on platforms like Hyperliquid and GMX. Their daring bets on Bit (BTC), Ethereum (ETH), and Chainlink (LINK) have led to much speculation about their true identity. Some have suggested this wallet is linked to the North Korean Lazarus hacker group, but ZachXBT has refuted this, confirming there is no connection between the trader and the Lazarus group. Instead, ZachXBT claims the individual behind this wallet is a cybercriminal, using stolen funds to make risky trades.
Meanwhile, the "Hyperliquid Whale" has been executing trades with leverage ranging from a minimum of 25x to 50x. On March 16, they deposited 2.5 million USDC into Hyperliquid, taking a short Bit (BTC) position with 40x leverage, holding 4,422.77 Bit (BTC) at an entry price of $84,043 and a liquidation price of $85,596. This attracted the attention of trader CBB, who called on the community to push the whale into liquidation. The plan nearly succeeded as Bit (BTC) price touched $84,583.84, almost wiping out the whale's position.
In addition to Bit (BTC), the whale has also placed large bets on Ethereum (ETH), opening multiple short positions on ETH with high leverage, and later shifting their strategy to longing Chainlink (LINK).
Finally, according to Lookonchain, this whale has closed all their positions and made a profit of $9.46 million in just 8 days. However, their actions have caused market instability, particularly leading to a $4 million reduction in the liquidity pool of Hyperliquid. The cryptocurrency community is now debating whether such accounts should be blocked, and the possibility of regulatory intervention. These are important questions that remain unanswered.
