More than 1,000 wallets on Hyperliquid were completely liquidated in the recent violent sell-off of cryptocurrencies, wiping out more than $1.23 billion in traders' capital on the platform, according to Leaderboard data.
According to data first discovered by Lookonchain, a total of 6,300 wallets are currently in the red, with 205 of them losing more than $1 million each. More than 1,000 accounts suffered losses of at least $100,000.
The sweep came as crypto markets were reeling from a global risk-off event sparked by US President Donald Trump's announcement of 100% tariffs on imports from China.
The move surprised investors across all asset classes and caused crypto prices to plummet. Bitcoin at one point fell below $110,000, Ethereum fell below $3,700, and the broader market as measured by the CoinDesk 20 (CD20) index fell 15% at one point.
This broad decline resulted in more than $19 billion in liquidations in 24 hours, making it the largest single-day liquidation event in crypto history in dollar terms. CoinGlass said the “actual total” of liquidations is “likely much higher” because major cryptocurrency exchange Binance does not report as quickly as other platforms.
Leaderboard data reviewed by CoinDesk shows that the top 100 traders on Hyperliquid collectively won $1.69 billion.
In comparison, the top 100 losers lost $743.5 million, with $951 million in net profits concentrated among a small number of highly leveraged short sellers.
The biggest winner was wallet 0x5273…065f, which made over $700 million from short positions, while the biggest loser, “TheWhiteWhale”, lost $62.5 million.
Flash's victims include crypto personality Jeffrey Huang, known online as Machi Big Brother, who previously filed a defamation lawsuit against ZachXBT and lost almost his entire wallet, $14 million.
“It was fun while it lasted,” he posted on X.
Adding to the uncertainty is the ongoing U.S. government shutdown, which has delayed the release of key economic indicators. As geopolitical risks increase, without official indicators, markets are acting blindly.
