The crypto trading platform Hyperliquid (HYPE) is facing serious questions after a trader made huge, risky bets on Bitcoin (BTC) and Ethereum (ETH)—and won every time. Experts are now wondering: Is this smart trading, or is someone using the platform to hide dirty money?
A Trader Who Always Wins?
A blockchain tracking group called Spotonchain recently spotted a mystery trader putting $5.22 million into Hyperliquid and making extremely high-risk bets.
Here’s what happened:
- Ethereum (ETH): The trader used 50x leverage (borrowing 50 times more than they actually had) and bought ETH at $1,884. If ETH had dropped to $1,838, they would have lost everything.
- Bitcoin (BTC): They placed a 20x leveraged bet at $82,003, with a liquidation price of $61,182.
Despite these huge risks, this trader never lost and made $2.2 million in just two days.
Is This Just Luck, or Something Shady?
Winning this often, with such risky trades, isn’t normal. Some experts believe these trades could be part of a money laundering operation or even insider trading.
Crypto analyst AB Kuai Dong pointed out that North Korean hackers have been known to use crypto trading to clean stolen money. He thinks these fast, anonymous trades could be connected to hacking groups trying to hide illegal funds.
Another analyst, known as Ai, found a similar pattern. In March 2024, three crypto wallets made $2.53 million using the same kind of high-leverage trading on Hyperliquid.ted that three addresses had generated $2.53 million in profit through GMX high-leverage trades.
Is It Gambling or Stolen Money?
The accounts behind these suspicious trades are also connected to online gambling sites like Roobet and AlphaPo, which hackers have used in the past to launder stolen crypto.
Crypto researcher Conor Grogan from Coinbase discovered that the wallet making these trades had received stolen crypto from phishing scams. He called the trader a “Roobet whale”, meaning they regularly place huge bets, possibly using stolen money.
Grogan also noted that this trader once cashed out just before a big market event, meaning they weren’t using inside information—they were just gambling with stolen funds.
The Bigger Issue with High-Leverage Trading
This isn’t the first time people have used crypto trading to hide dirty money.
Some crypto gambling sites, like Stake.com, have also been investigated for helping criminals hide money.ting evidence linking Hyperliquid’s high-leverage trades to potentially illicit sources.
In 2022, U.S. authorities seized $3.6 billion in Bitcoin linked to a major money laundering case from the 2016 Bitfinex hack.
In 2023, North Korea’s Lazarus Group was accused of moving $200 million in stolen crypto through different exchanges.
Hyperliquid’s Token Drops
Since people started talking about these suspicious trades, Hyperliquid’s token (HYPE) has dropped by 8%. Right now, it’s trading at $13.35, according to BeInCrypto.
With more people raising questions, it might not be long before the authorities start investigating.
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