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A trader on the decentralized exchange Hyperliquid, whose wallet was previously linked to the exploit of the SocialFi project UXLINK, has begun closing $148 million in open positions after suffering heavy losses, according to U.Today.
Earlier reporting: Ethereum ETFs Lose $365M as Whales Buy 35,350 ETH.
Earlier reporting: Ethereum targets quantum resistance by 2029 as BlackRock, JPMorgan expand tokenized assets.
As of 15:07 UTC, Ethereum traded at $2,125, -5.1% over 24 hours, with $15.7 billion in 24-hour volume.
The trader launched a 16-hour TWAP (Time-Weighted Average Price) algorithm on November 9 to execute the sell orders. The algorithm is scheduled to conclude by 06:00 GMT on November 10. The ongoing liquidation of these assets is already exerting downward pressure on the prices of Ethereum, Solana, and XRP.
Position Breakdown and Liquidation Levels
The wallet in question was previously identified as the most profitable address on Hyperliquid. The recent market downturn has reversed this status, leaving the trader with a net loss of $3.3 million.
The portfolio consists of three primary long positions. The Ethereum position includes 30,282 ETH, valued at approximately $55.46 million. This position faces liquidation if the price of ETH falls to $1,740.
The trader also holds a long position in 550,000 SOL, leveraged at 10x. This Solana position will be fully liquidated if the asset price drops to $65.6. Additionally, the trader holds 35.03 million XRP, worth around $35 million, with a liquidation price set at $0.94.
Connection to UXLINK Exploit
The link to the UXLINK exploit dates back to September 2025, when the crypto social network, which features Telegram integration, suffered a hacker attack. Attackers exploited the project’s multisig infrastructure to drain its treasury and mint new tokens. The total damage from the exploit and the subsequent crash in the UXLINK token price was estimated at approximately $42 million.
In August 2026, an anonymous trader deposited $11.54 million USDC into Hyperliquid. According to EmberCN, 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, realizing a net gain of $5.71 million. As of the end of October, the trader held $5.6 million in unrealized profit on the Ethereum position. The recent market downturn has erased this profit, placing most of the trader’s funds at risk of liquidation.
Source: U.Today
