A major development has shaken the crypto investment world. Well-known on-chain investigator ZachXBT has claimed that the so-called “Hyperliquid whale,” who trades with 50x leverage on the Hyperliquid exchange, is in fact a cybercriminal gambling with stolen funds.

This whale managed to survive liquidation attempts by crypto investors and secured an impressive $9 million in net profit. ZachXBT emphasized that this whale has no connection to the North Korea-backed Lazarus Group. Earlier this year, in February 2025, ZachXBT had linked the $1.5 billion Bybit hack to that hacker collective. Now, he has followed the trail to this Hyperliquid whale.

“Crypto Twitter Is Speculating, But the Truth Is More Sinister”

ZachXBT made the following statement on X (Twitter):

“It’s funny watching CT speculate on the ‘Hyperliquid whale’ when in reality it’s just a cybercriminal gambling with stolen funds.”

Responding to a follower’s question regarding potential ties to the Lazarus Group, ZachXBT replied:

“No, there’s no connection to Lazarus.”

Some users asked ZachXBT to reveal the whale’s identity. However, he responded by saying:

“We’ll see, it’s just not enjoyable posting investigations on X/Twitter anymore.”

Failed Attempts to Liquidate the Whale

For weeks, the crypto market has speculated about who the Hyperliquid whale is and how they could be stopped. The whale had opened 40x and 50x short positions on Bitcoin (BTC) and Ethereum (ETH), drawing massive attention.

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The whale notably opened a $450 million short position on BTC, which triggered a major reaction across the market. Traders attempted to counter this by aggressively buying up BTC, trying to force a liquidation. However, they ultimately failed. According to Lookonchain, the whale deposited an additional $5 million USDC to increase margin and avoid liquidation.

Aside from BTC and ETH, the whale also opened a $31 million short position on Chainlink (LINK) with 10x leverage and placed short orders on GMX.

A Major Threat in the Crypto Market: Stolen Funds and High-Leverage Trades

ZachXBT’s comments have reignited concerns about stolen funds re-entering circulation through decentralized finance (DeFi) protocols. The situation also highlights how cybercriminals exploit high-leverage trading to gamble with illicit funds, posing a significant risk to the overall market.

While the true identity of this whale remains undisclosed, the broader question for the crypto ecosystem is how to address these high-risk scenarios and prevent bad actors from destabilizing the markets.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Big Bet from ZachXBT on Whale in Hyperliquid! appeared first on Coin Engineer.

Whale Opens $31 Million Long Position on LINK!

On March 14, the trader known as “ETH 50x Big Guy” opened approximately $31 million worth of long positions on LINK. According to Lookonchain, these trades were executed on Hyperliquid and GMX platforms with 10x leverage.

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In addition to leveraged positions, the whale also purchased around $12 million in spot LINK. Hours later, on-chain data showed that he gradually converted his LINK holdings back into stablecoins through small swaps.

Hyperliquid Updates Rules After Major Losses!

On March 12, the same trader deliberately liquidated a $200 million ETH long position, causing Hyperliquid’s liquidity pool to lose $4 million. However, the whale profited $1.8 million from this maneuver. According to Lookonchain, he has made $17 million in total profits on Hyperliquid over the past month.

These events have highlighted the risks faced by perpetual trading platforms like Hyperliquid, which allow traders to take highly leveraged positions. Hyperliquid stated that the trader’s actions were not considered an exploit but rather a predictable result of the platform’s mechanics under extreme conditions.

On March 13, Hyperliquid announced changes to its collateral requirements to prevent similar edge cases in the future.

LINK Far From Its Former Highs!

Chainlink (LINK) gained more than 150% after Donald Trump’s victory in the US elections. However, as of March 14, LINK’s price has dropped below $14, far from its December highs near $30. Chainlink’s market capitalization currently stands at around $8.7 billion.

Since its launch in 2024, Hyperliquid has captured 70% of the perpetuals market, surpassing competitors like GMX and dYdX, according to a January report by asset manager VanEck.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Hyperliquid’s Mysterious ETH Whale Is Now Betting on LINK! appeared first on Coin Engineer.

Large-Scale LINK Sell-Off

On-chain data reveals that in the past two hours, the whale sold approximately 18.36 million LINK tokens worth $1.34 million. This sale resulted in a $512,000 loss, equivalent to 2.7% of the total transaction value. The average selling price for LINK during this operation was $13.70.

Strategic Moves on GMX and Hyperliquid

Beyond spot market activity, the whale also closed its long positions on the GMX platform, securing a profit of $195,000. However, the most notable move occurred on Hyperliquid, where the whale completely exited its LINK long positions and shifted funds into 40x leveraged Bitcoin (BTC) short positions. At present, this trade holds an unrealized profit of $290,000.

Market Conditions Driving the Whale’s Strategy

These transactions coincided with Chainlink’s major token unlock event. In a significant development, LINK’s price surged 14% from $12.77 to $14.54, following a partnership announcement with OpenEden. Meanwhile, Bitcoin’s 4% price increase further fueled market volatility.

The whale’s aggressive and calculated maneuvers once again highlight how large-scale investors can swiftly adapt to major market events. With leveraged positions and sudden strategic shifts, the impact of this whale’s trades on market sentiment remains a topic of keen interest.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Mysterious Whale Shifts Focus to Chainlink After Ethereum Liquidation appeared first on Coin Engineer.

In response to the incident, Hyperliquid will implement new measures starting March 15, requiring traders to maintain a minimum collateral margin of 20% on certain open positions. This new regulation aims to reduce the systemic risks posed by large positions and their potential market impact during closure events.

Measures to Prevent Systemic Risk

Hyperliquid clarified that the loss was not due to an exploit or security breach but was instead a predictable outcome under extreme market conditions. The platform stated, “Yesterday’s event highlighted the need to strengthen the margining framework to more robustly address extreme conditions.”

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The newly adjusted margin requirements will apply only under specific circumstances, such as when traders withdraw collateral from open positions. Hyperliquid also confirmed that users can still open new positions with up to 40x leverage.

Liquidity Pool and Platform Statistics

According to DeFiLlama, Hyperliquid’s HLP liquidity pool currently holds approximately $340 million in total value locked (TVL). Launched in 2024, Hyperliquid’s flagship perpetual futures (perps) exchange has rapidly captured 70% of the market share, surpassing competitors like GMX and dYdX, as noted in a VanEck report from January.

While Hyperliquid promotes a trading experience similar to centralized exchanges, offering fast settlement times and low transaction fees, it is considered less decentralized compared to other platforms.

As of March 12, Hyperliquid recorded an estimated $180 million in daily transaction volume. The platform’s HLP liquidity pool has surpassed $350 million in total value locked, making it a key player in the leveraged trading space.

Industry analysts suggest that the recent liquidation event highlights the importance of carefully managing systemic risks and maintaining robust margin strategies for traders engaging in highly leveraged positions.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Hyperliquid Increases Margin Requirements! appeared first on Coin Engineer.

Increased Interest in GMX from Whales

According to a report by Lookonchain, six new wallets created in the past two days have purchased a total of $15.3 million worth of GMX from Binance. These acquisitions have led to a significant increase in GMX’s price. Within two days, GMX’s price surged by approximately 24%, reaching as high as $46. At the time of writing, GMX is trading at $43.8.

Impact of Whale Activity on the Market

These substantial purchases have drawn considerable attention to GMX in the cryptocurrency market. When whales make such large acquisitions, it generally creates a positive sentiment in the market. Other investors often observe these movements and may develop similar strategies. The intense interest in GMX from whales could be a positive indicator of the altcoin’s future performance.

Bitcoin Whales Also in Accumulation Mode

Apart from GMX, Bitcoin whales are also in accumulation mode. According to CryptoQuant data, long-term Bitcoin investors and whales are purchasing large amounts of BTC. This behavior supports the overall expectation of a market rise in the cryptocurrency space.

Significance of This Market Movement

Whale movements in the market are typically interpreted as confidence signals. Large purchases by significant investors are often seen as a sign that prices will rise, encouraging smaller investors to enter the market. The recent price increase in GMX and the accumulation mode of Bitcoin whales are fostering a positive sentiment in the cryptocurrency market.

Conclusion

Whale movements in the cryptocurrency market are always closely watched. The intense interest in GMX suggests promising signals for the altcoin’s future performance. Additionally, Bitcoin whales being in accumulation mode further enhances the general expectation of a market rise. Keeping a close watch on these developments can be crucial for investors.

Stay tuned to our blog for the latest updates.

The post GMX Whales in Action: Millions of Dollars Worth of GMX Purchased appeared first on Coin Engineer.

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What Does the Jupiter (JUP) Project Do?

In just November 2023, Jupiter processed $3.7 billion in transaction volume. According to data from the crypto data platform Dune, Jupiter has become the fastest-growing and largest DeFi protocol on Solana by transaction volume.

State Of Jupiter: Jupuary 2024

1. Most used trading platform in defi
2. Direct 80% of organic volume
3. Most used program in Solana
4. Top 2 by vol on Coingecko
5. Most integrated platform on Solana
6. One of the top perp platforms ($1.4B volume last week)

Deets:… pic.twitter.com/UEnwgyc2eu

— Jupiter (@JupiterExchange) January 30, 2024

When it first started, it aimed to create a platform similar to the 1inch project on Ethereum. However, the project has evolved further and added GMX-style perpetual futures to the platform.

Jupiter recommends staying away from stablecoins such as USDC and USDT because they carry risks such as custody arrangements.

As an alternative to these stablecoins, it aims to launch the decentralized SUSD stablecoin. SUSD is decentralized and also offers interest-free credit opportunities. It is also supported by Solana liquid staking tokens, LSTs.

The interest-free credit mechanism is done using SOL to generate SUSD. These used Solanas provide yield and are used for transaction costs. Thus, a continuous interest-free credit is provided.

Tokenomics

The total supply of JUP, the native token of the Jupiter project, is 10 billion tokens. It allows users to contribute to the network by providing features such as voting (Vote) and approval (Approve) on the Jupiter platform. In addition, the maximum circulation supply is 1.35 billion JUP tokens. Also, according to SolanaDaily, the token distribution is as follows:

• Airdrop (40%)
• Strategic Reserve (20%)
• Team (20%)
• Liquidity Provision (10%)
• Contributors (10%)

What is the JUP Airdrop? How to Earn It?

955,000 users who traded on the Jupiter platform before November 2, 2023, are eligible for the airdrop. The airdrop claim page will open today at 10:00 EST. You can learn if you are eligible by clicking on the link here.

Also, Binance exchange announced that it will list the JUP token. You can register for Binance exchange by clicking on the Coin Engineer special discounted link and purchase JUP tokens after listing.

The post Jupiter (JUP) Project: A Layer-1 Protocol for Dapps appeared first on Coin Engineer.