Cryptocurrency trader earned millions of dollars on the fall of bitcoin

A discussion about possible insider interference has reignited in the crypto market. This happened after an unknown trader, who previously earned $ 192 million on short positions, opened a new large-scale short on Bitcoin BTC $114,192.00 Mezo Wrapped BTC 2.36% Market capitalization $39.26 million VOL. 24 hours $3.93 billion . According to Cointelegraph, the address 0xb317 on the decentralized exchange Hyperliquid opened a new short position of $ 163 million with a leverage of 10x. Currently, the deal is in profit of about $ 3.5 million, but will be liquidated if the BTC rate rises to $ 125,500.

The crypto community calls this player an «insider whale» because of his extremely accurate guessing of market movements. He opened the previous trade only half an hour before Donald Trump announced new tariffs on Chinese imports, which provoked a sharp drop in the crypto market and brought him tens of millions in profit. Some observers suggest that it was the actions of this trader that could have triggered the avalanche of liquidations that brought the market down over the weekend.

A user under the nickname MLM noted that the whale opened short positions worth hundreds of millions not only on Bitcoin but also on Ethereum, a few minutes before the massive sales. «All this on Hyperliquid alone — one can only imagine what it did on centralized exchanges,» he wrote. According to HyperTracker, more than 250 wallets lost their millionaire status after the market crash last Friday.

At the same time, opposite trades appeared on Hyperliquid: one of the traders opened a 40-fold long position for $ 11 million, expecting the price of Bitcoin to recover. Against this backdrop, analysts emphasize that such events demonstrate the risks of a lack of regulation in crypto markets: insider trading, lack of control, and «zero liability.»

Amid accusations of technical failures during the sale, Binance has officially stated that it had nothing to do with the market collapse. The company explained the problems of users by a «display error» and reported that the main trading systems were working without interruption. At the same time, Binance compensated about $ 283 million to traders who experienced liquidations due to technical problems with USDE, BNSOL, and WBETH tokens. Meanwhile, the exchange’s BNB token grew by more than 14% per day, exceeding $ 1,300.