According to on-chain data, Hyperliquid trader "0xa523" has accumulated losses exceeding $40 million in less than a month, surpassing James Wynn to become the largest losing whale on the platform.
Lookonchain pointed out on Tuesday via X platform that this trader incurred losses due to consecutive high-leverage trading mistakes, including a loss of $39.66 million on Hyperliquid (HYPE) after selling 886,287 tokens before a price rebound. If he had continued to hold, the current value of that position would have increased by nearly $9 million.
He subsequently lost over $35 million on a long position in Ethereum (ETH) and then lost an additional $614,000 after switching to a short position. Hyperdash data shows that his current short position in Bitcoin (BTC) is also at a loss, with an unrealized loss of $1.8 million.
Hyperdash data indicates that the wallet currently holds a position worth $152 million, with a leverage ratio of 28.69 times, and a total monthly loss of $39.5 million. The margin utilization rate is 114.74%, and all positions are short.
The continuous mistakes of whale 0xa523 have placed him at the top of the Hyperliquid loss leaderboard, surpassing the previous leader James Wynn, who lost $23.6 million last month.
In July, Wynn briefly disappeared from social media and changed his X account bio to "broke," before pausing his account for several days. A few days later, he returned online and opened two high-risk positions: one a long position in Bitcoin (BTC) with 40x leverage worth $19.5 million, and another a long position in PEPE with 10x leverage worth over $100,000.
Wynn first drew attention at the end of May when his $100 million leveraged Bitcoin (BTC) position was forcibly liquidated, followed by a $25 million loss on June 5. He later stated that major players in the market had deliberately targeted his liquidation price.
On Hyperliquid, besides whale 0xa523 and Wynn, others are also continuously incurring losses. Last week, former kickboxing champion and controversial figure Andrew Tate opened a long position on the World Liberty Financial (WLFI) token related to the Trump family, which ultimately got liquidated, resulting in a total loss of $67,500.
Less than two weeks ago, he opened a 3x leveraged short position on the YZY token related to Kanye West, which also resulted in losses. Tate's cumulative losses on Hyperliquid have exceeded $726,000.
Related: The U.S. Congress requests the Treasury Department to report on strategic Bitcoin (BTC) reserve details.
Original article: “Whale ousts James Wynn as Hyperliquid's biggest loser after $40M blowup”
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