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A trader on the decentralized exchange Hyperliquid, whose wallet was previously linked to the exploit of the SocialFi project UXLINK, began closing $148 million in open positions on November 9 after suffering heavy losses, according to U.Today.
Earlier reporting: Ethereum ETFs Lose $365M as Whales Buy 35,350 ETH.
Earlier reporting: ETH/BTC Ratio Hits 0.02954 as Ether Outperforms Bitcoin.
As of 13:25 UTC, Ethereum traded at $2,119, -5.5% over 24 hours, with $14.9 billion in 24-hour volume.
The trader launched a 16-hour Time-Weighted Average Price (TWAP) algorithm to execute the sale. The algorithm is scheduled to end by 06:00 GMT on November 10. The selling activity is currently putting pressure on the prices of Ethereum, Solana, and XRP.
Position Breakdown and Liquidation Risks
The trader’s portfolio includes a long position of 30,282 ETH, valued at approximately $55.46 million. The liquidation price for this Ethereum position is set at $1,740. Additionally, the trader holds a long position of 550,000 SOL with 10x leverage. This Solana position faces full liquidation if the price of the asset falls to $65.6.
The trader also controls a position of 35.03 million XRP, worth around $35 million. The liquidation price for the XRP position is $0.94. The address was previously considered the most profitable on Hyperliquid, but the recent market downturn has reversed that status. The trader is now facing a net loss of $3.3 million.
UXLINK Exploit and Fund Origins
In September 2025, UXLINK, a crypto social network with Telegram integration, suffered a hacker attack. Attackers exploited the project’s multisig infrastructure to drain the treasury and mint new tokens. The total damage from the exploit and the subsequent crash of the UXLINK token price was estimated at around $42 million.
In August 2026, an anonymous trader deposited $11.54 million in USDC on Hyperliquid. EmberCN reported that the wallet used to pay gas fees for this trader received ETH from addresses that had previously received stolen UXLINK funds. Since the initial deposit, the trader has closed five profitable trades, resulting in a net gain of $5.71 million.
At the end of October, the trader was holding $5.6 million in unrealized profit on the Ethereum position. The recent market downturn has erased that profit, leaving most of the trader’s funds at risk of liquidation as the TWAP algorithm continues to execute the sell-off.
Source: U.Today
