A wallet netted $1.28 million by manipulating Hyperliquid's ETH price on Papertrade, a new exchange touting 1,000x leverage, but the same wallet's 30 short positions were liquidated just over three hours later, resulting in a $450,000 loss on Saturday night.
$1.28 million in, $450,000 out — with barely three hours in between.
According to The Block, a wallet netted $1.28 million by manipulating Hyperliquid's ETH price on the newly launched Papertrade exchange, which advertises 1,000x leverage. The report did not specify the exact method or timing behind this profit.
The same wallet then opened 30 short positions, which were liquidated after being held for just over three hours, hitting during Saturday night and wiping out $450,000 in one go. From a $1.28 million gain to a $450,000 loss, the numbers swung wildly within the same wallet — highlighting just how volatile price action can get on new, high-leverage platforms.
At this time, there's no further public information available to verify details about Papertrade's background, the identity of the wallet, or any follow-up actions taken.
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