Onchain sleuth ZachXBT stated he had recognized the mysterious whale who profited $20 million from extremely leveraged trades on Hyperliquid and GMX as a British hacker going by the title William Parker.
According to ZachXBT’s March 20 X post, Parker — who was beforehand often called Alistair Packover earlier than altering his title — was arrested final yr for allegedly stealing round $1 million from two casinos in 2023.
Parker additionally made headlines a decade in the past for allegations of hacking and playing, ZachXBT stated.
“It is abundantly clear WP/AP has not learned his lesson over the years after serving time for fraud and will likely continue gambling,” ZachXBT stated.
Source: ZachXBT
Related: Hyperliquid ups margin requirements after $4 million liquidation loss
ZachXBT stated his findings are based mostly on a telephone quantity offered by an individual who allegedly acquired a cost from the whale dealer’s pockets handle.
He additionally stated that public pockets addresses related to the whale dealer acquired proceeds from previous onchain phishing schemes.
Cointelegraph has not independently verified ZachXBT’s claims.
Massive leveraged bets
The mysterious whale rose to prominence after profiting roughly $20 million from extremely leveraged trades — in some circumstances with as much as 50x leverage — on decentralized perpetuals exchanges Hyperliquid and GMX.
On March 12, the dealer deliberately liquidated an roughly $200 million Ether (ETH) lengthy, inflicting Hyperliquid’s liquidity pool to lose $4 million.
Meanwhile, the whale earned income of some $1.8 million.
Hyperliquid stated the liquidation was not an exploit however somewhat a predictable consequence of how the buying and selling platform operates underneath excessive situations. The DEX later revised its collateral rules for merchants with open positions to protect in opposition to such occurrences sooner or later.
On March 14, the whale took another multimillion-long position, this time on Chainlink (LINK).
Perpetual futures, or “perps,” are leveraged futures contracts with no expiry date. Traders deposit margin collateral — usually USDC (USDC) for Hyperliquid — to safe open positions.
Magazine: ‘Hong Kong’s FTX’ victims win lawsuit, bankers bash stablecoins: Asia Express
Read MoreCointelegraph.com News