A Hyperliquid trader lost over $3 million when a large ZEC short was liquidated during a market rebound. The trader then reopened a 10x leveraged short, holding 31,698 ZEC valued at $19.62 million. This follows earlier reports of Hyperliquid’s largest ZEC short facing $21.75 million in unrealized losses, with the position size having grown substantially amid ZEC’s continued price rally, increasing liquidation risk.