Crypto trader loses $24M on Ether short position in 12 seconds on Hyperliquid

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A trader operating under the Hyperliquid wallet address pension-usdt.eth suffered a $24 million loss on a short position in Ether within just 12 seconds. The trader had previously gained notoriety for earning $49 million by shorting cryptocurrencies. The loss occurred when Ether's price surged sharply, forcing the liquidation of a 50,000 ETH short position. Five separate liquidation orders were triggered during the unwind, which in turn pushed Ether's price even higher. The rapid sequence of events on the Hyperliquid platform highlights the extreme risks associated with leveraged crypto trading.

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