Degen Gambler Liquidated for $168M After Shorting the Bottom of Crypto Plunge
A high-stakes crypto trader was liquidated for $5.5 million after shorting the market bottom on HyperLiquid, then immediately opened $115 million in new shorts on GMX.Summary
A high-stakes crypto trader, described as a "degen gambler" with a history of funding crypto casinos, suffered a $5.5 million liquidation on the HyperLiquid platform over the weekend. This occurred after the trader placed leveraged short positions totaling $168 million against assets like Bitcoin, XRP, and Zcash just before a market bounce on Sunday. Undeterred, the trader immediately doubled down by opening new, massive leveraged short positions worth $115 million on the decentralized exchange GMX against Bitcoin and Ether. At the time of writing, these new positions held an unrealized profit of $1.4 million. The trader's impulsive, high-leverage behavior is being compared to that of James Wynn, another pseudonymous trader who lost $100 million earlier this year by betting on a market top.
(Source：CoinDesk)