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On-chain investigator ZachXBT revealed that the widely-discussed “Hyperliquid 50x leverage whale” is not a sophisticated trader. It is in fact, a cybercriminal recklessly gambling with stolen funds.
Contrary to speculation, the individual is not associated with North Korea’s notorious Lazarus Group. It is a collective linked to numerous high-profile crypto thefts.
The revelation surfaced after weeks of intense speculation among traders who attempted to decipher the motives behind the whale’s highly leveraged trading activity on the Hyperliquid decentralized exchange.
ZachXBT took to X (formerly Twitter) to dismiss rumors linking the address to state-sponsored hacking activities. He said that the entity is simply a criminal misusing stolen assets in an attempt to generate massive returns through extreme leverage.
Stolen Funds Used for High-Leverage Trading
The Hyperliquid whale gained attention after placing high-risk, high-reward trades using up to 50x leverage. These trades drew scrutiny from independent traders and analysts, who questioned the legitimacy of such bold financial maneuvers.
Further investigations revealed that the source of the whale’s funds was traced back to illicit activities. This suggests a pattern of laundering stolen assets through reckless speculative trading.
Rather than executing calculated market plays, the individual appears to engage in high-stakes gambling, risking significant capital with extreme leverage. This has resulted in considerable volatility and has drawn the interest of traders eager to exploit the situation for profit.
High-leverage trading carries immense risks, mainly when fueled by stolen funds. Such activities can lead to significant market disruptions, as sudden liquidations can trigger ripple effects across exchanges.
No Connection to Lazarus Group
Despite early speculation, ZachXBT’s findings confirm that the whale’s address has no ties to North Korea’s Lazarus Group. The group, known for sophisticated hacking operations, has been responsible for numerous cyberattacks and cryptocurrency heists in recent years.
The group has frequently laundered funds through complex obfuscation techniques and DeFi platforms. However, the Hyperliquid whale’s trading behavior and financial patterns do not align with their usual methods.
Lazarus Group is notorious for its highly coordinated hacking strategies. They often target centralized exchanges and large-scale DeFi protocols like the recent attack on Bybit.
Their tactics typically involve multi-stage laundering efforts to obfuscate the origins of stolen funds, making it difficult for investigators to track their movements.
In contrast, the Hyperliquid whale has openly engaged in risky, visible trades that make their activities far less discreet.
The stark difference has led experts to rule out any ties to the North Korean hacking syndicate. This shifts attention away from geopolitical concerns and toward the broader implications of stolen funds being used for high-risk trading.
The market remains on edge, with the next move potentially affecting the markets. The whale’s continued activity could lead to further volatility as independent traders attempt to counter its strategies.
Some have even likened the situation to previous coordinated efforts where retail traders tried to push back against dominant market players. With the whale’s position under the spotlight, investigators and market participants will closely monitor its future trades.
