A major trader on the decentralized exchange Hyperliquid has begun closing $148 million in open cryptocurrency positions after incurring substantial losses amid a recent market downturn.
High-stakes liquidation puts pressure on ETH, SOL, and XRP
On November 9, the trader initiated a 16-hour time-weighted average price (TWAP) algorithm to gradually sell off their positions. The unwinding process is expected to conclude by 06:00 GMT on November 10. This strategic sell-off comes as prices of several major digital assets have faced downward pressure, partly driven by the trader’s liquidations.
The trader’s Ethereum (ETH) long position includes 30,282 ETH, valued at approximately $55.46 million. This position faces a liquidation price of $1,740. In addition, the wallet holds a 550,000 SOL (Solana) long with 10x leverage, which will be entirely liquidated if Solana’s price falls to $65.6.
The portfolio also features 35.03 million XRP, worth around $35 million, carrying a liquidation threshold at $0.94. The ongoing sales of these assets have already contributed to elevated sell pressure across Ethereum, Solana, and XRP.
| Asset | Amount | Value | Liquidation Price |
|---|---|---|---|
| ETH | 30,282 | $55.46 million | $1,740 |
| SOL (10x leveraged) | 550,000 | Not stated | $65.6 |
| XRP | 35.03 million | $35 million | $0.94 |
Recently, these positions have shifted from being highly profitable to showing a net loss of $3.3 million, marking a significant turnaround for a trader once considered the most successful on Hyperliquid.
Ties to earlier UXLINK exploit emerge
Blockchain analysis by EmberCN found that the address behind these trades was previously linked to the 2025 exploit of UXLINK, a decentralized social networking platform with Telegram integration. The UXLINK team reported a breach in the project’s multisignature (multisig) infrastructure in September 2025, which enabled attackers to drain the protocol’s treasury and mint unauthorized tokens.
The fallout from that exploit drove the UXLINK token’s value sharply lower. The incident resulted in an estimated $42 million in combined losses from both stolen funds and the token price collapse.
Further investigation by EmberCN revealed that the wallet now closing its Hyperliquid positions received ETH from addresses previously linked to the UXLINK exploit, suggesting possible connections between the two incidents.
Mini dictionary: EmberCN is a blockchain analytics platform that monitors and investigates on-chain transactions, providing transparency into digital asset movements and uncovering links between wallets.
Rapid shift from profits to losses
In August 2026, the same trader deposited $11.54 million in USDC stablecoin on Hyperliquid. Over subsequent months, the wallet recorded five profitable trades with a net gain of $5.71 million. As recently as late October, the trader had $5.6 million in unrealized gains on their ETH position.
The recent market sell-off reversed these fortunes, erasing previously accumulated profits and putting the trader at risk of further liquidations across multiple large positions.
During the market downturn, the once top-performing Hyperliquid wallet shifted to a net loss of $3.3 million, with the majority of funds now facing potential liquidation risk.
