An anonymous wallet that withdrew 3,100 ETH from Tornado Cash converted the funds through CoW Swap into $6.92 million of USDC and deposited the proceeds on Hyperliquid. It opened a 20-times cross-leveraged Bitcoin long and Ether short designed to profit from Bitcoin outperforming Ether. The Ether short was later increased by about $3.2 million to 6,543.11 ETH, valued at approximately $14.56 million, with roughly $21.77 million in cumulative gains. Earlier reporting valued the Bitcoin long at $12.84 million and the Ether short at $12.83 million when it covered 5,740 ETH. Researchers said apparent links to addresses associated with the $290 million April 2026 Drift Protocol hack remained circumstantial.