A high-leverage whale trader has recorded over $40 million in losses on Hyperliquid, dethroning James Wynn as the platform’s biggest losing trader.
Onchain data from Lookonchain shows that whale “0xa523” has accumulated more than $40 million in realized losses in less than a month on the decentralized perpetuals exchange Hyperliquid (HYPE).
The biggest hit came from a $39.66 million loss when the trader sold 886,287 HYPE tokens just before the market rebounded. If the position had been held, it would now be worth nearly $9 million more.
The whale also mismanaged a series of Ether trades, losing $35 million on a long position, then flipping to a short and taking another $614,000 loss. His current Bitcoin short remains underwater, showing an unrealized $1.8 million deficit, according to Hyperdash data.
High Leverage Risks
The whale is currently running a $152 million position with 28.69x leverage, exposing him to extreme liquidation risk. Hyperdash reports his margin usage at 114.74%, with full exposure on short trades.
This aggressive strategy has resulted in a combined monthly loss of $39.5 million, placing “0xa523” at the top of Hyperliquid’s loss leaderboard.
Before this month’s blowup, James Wynn was Hyperliquid’s most notorious loser, racking up $23.6 million in losses last month.
- In July, Wynn briefly deactivated his social media accounts after declaring himself “broke.”
- He returned days later with high-risk positions, including a 40x Bitcoin long worth $19.5M and a 10x leveraged PEPE long.
- Earlier in the summer, Wynn lost $100M on a Bitcoin long in May, followed by a $25M liquidation in June, later claiming whales deliberately hunted his stops.
Andrew Tate Also in the Red
The losses aren’t limited to major whales. Andrew Tate, the former kickboxing champion and controversial influencer, has also lost heavily on Hyperliquid.
- His World Liberty Financial (WLFI) long tied to the Trump family was liquidated for $67,500.
- A prior short on Kanye West’s YZY token added further losses.
- In total, Tate’s cumulative losses now exceed $726,000.
Hyperliquid’s rise as a high-leverage trading platform has created opportunities for big wins, but also historic losses. The cases of 0xa523, James Wynn, and Andrew Tate highlight the dangers of over-leveraging in volatile crypto markets, where single missteps can wipe out tens of millions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.