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Whale Faces $39.24 Million Loss on HTX's BTC/USDT Pair Amid Market Dip

A forced liquidation of trader 0xC2Cb's short positions on Hyperliquid resulted in a $4.59 million loss, driven by whale-induced manipulation of XPL, as per Lookonchain data.

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USDT

Summary

A whale on Hyperliquid caused the forced liquidation of trader 0xC2Cb’s short positions on XPL, leading to a total loss of $4.59 million, according to Lookonchain data. The event highlights the impact of whale-driven market manipulation.

Terms & Concepts
  • Whale: A term used in the cryptocurrency market to describe a large investor or holder of a particular asset, often capable of influencing market movements.
  • Forced Liquidation: The automatic sale of assets to cover margin calls or positions, typically triggered when an investor’s position falls below the required collateral value.
  • XPL: XPL refers to a specific cryptocurrency or token involved in trading, which was manipulated by a whale on Hyperliquid in this incident.