Trader pension-usdt.eth loses nearly $24 million on Hyperliquid 50,000 ETH short
Business
A crypto trader known as "pension-usdt.eth" just lost nearly $24 million almost instantly when their huge 50,000 ETH short bet got liquidated on Hyperliquid.
The whole thing happened in just 12 seconds after a sudden market surge triggered 5 forced sales, each one bumping up Ethereum's price and making things worse for the trader.
Market saw $2.74B shorts liquidated
Earlier this year, "pension-usdt.eth" was actually crushing it with roughly $49 million in profits from betting against crypto.
But after this wild loss, their wallet is down to just $35.61, a complete wipeout over the past month.
Thursday's price spike didn't just hurt them; it led to $2.74 billion of shorts liquidated across the market in 24 hours, making it the biggest single-day shakeup since 2021.