The crypto trader 0xCB92 on Hyperliquid fumbled over $26 million in unrealized profits on their ETHUSD short trade. Instead of closing the trade in profits, the trader held onto their short position which ended up closing at a $716K stop loss.
The wallet had a strong history of profitable trades on ETH before this. Their trade history shows a net PnL of over $5 million in completed trades over less than two months ago. An X post from Lookonchain stated that the trader had a 100% win rate on ETH trades before this move.
At one point, the trader had an unrealised profit of over $26 million. But it later dropped to $13.9 million when he added another 10K ETH in late June. The most recent snapshot Lookonchain took was the trader in $6.43 million profit, before the trade was closed at a $716K loss.
On-chain data shows that there are no other active long positions by the trader, raising questions about the reason behind the risky move. The trader seems to have a high bet on ETHUSD short, but when the bet failed, he ended up with a loss.
This story has also drawn comparisons with that of James Wynn, another big trader on Hyperliquid. Wynn lost over $100 million after a massive Bitcoin long amounting to a billion dollar was wiped out in May, following Trump’s tariff announcement.
The recent loss adds to growing concerns about extreme risk-taking. While the trader once seemed like a top performer, this move reflects how fast things can flip if proper trading cautions are not taken.
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