What happened to the Hyperliquid “10/10” whale trader?

Bubblemaps said a trader linked to the famous Hyperliquid “10/10” whale is now down roughly $128 million overall after massive leveraged Ethereum losses erased earlier gains from successful Bitcoin shorts.

Why is the trader called the “10/10” whale?

The nickname comes from the October 10, 2025 crypto market crash, when the whale reportedly built huge short positions on Bitcoin and Ethereum before markets plunged following Donald Trump’s tariff announcement.

How much profit did the trader reportedly make during the 2025 flash crash?

Reports cited by Bubblemaps estimated the trader earned close to $200 million from aggressive BTC and ETH short positions during the crash. Those trades became one of the most talked-about wins in crypto derivatives markets.

How did the whale lose the profits afterward?

According to Bubblemaps, the trader repeatedly entered oversized leveraged ETH long positions after the crash. Several of those trades were reportedly liquidated during volatile market swings, producing more than $200 million in realised Ethereum-related losses.

What role did leverage play in the losses?

The trader reportedly used leverage as high as 50x on some ETH positions. High leverage amplifies gains but also dramatically increases liquidation risk when prices move even slightly against a position.

What is Hyperliquid and why does it matter here?

Hyperliquid is a decentralised perpetual futures trading platform popular with high-volume crypto traders. Large whale positions on Hyperliquid can influence funding rates, liquidity and broader market sentiment.

Is Garrett Jin confirmed to control the whale wallets?

No. Wallet clusters have been linked to former BitForex chief executive Garrett Jin through onchain analysis, but Jin previously denied personally controlling the wallets.

What new trades has the whale reportedly opened?

Bubblemaps said linked wallets recently bought about $10 million worth of HYPE, Hyperliquid’s native token, and opened a roughly $38 million short position against Zcash.

Image for illustrative purposes only. Not a real photo.

Hyperliquid whale swings to $128M crypto loss

Written by Brie CarterPublished May. 26 2026Last Updated May. 26 2026

Bubblemaps said a trader linked to the infamous Hyperliquid “10/10” whale has swung from major crypto profits to an estimated net loss of roughly $128 million after a series of heavily leveraged Ethereum trades.

The wallet cluster has been associated with former BitForex chief executive Garrett Jin, although Jin previously denied owning the wallets while acknowledging familiarity with the trader behind them.

According to Bubblemaps, the trader would still be sitting on more than $70 million in profits if he had simply held earlier gains from successful Bitcoin shorts instead of repeatedly entering oversized leveraged ETH long positions.

The trader reportedly generated close to $200 million in profits during the October 2025 “10/10” flash crash after building massive short exposure on Hyperliquid ahead of a sharp crypto market selloff triggered by Donald Trump’s tariff announcement.

Subsequent ETH trades reportedly erased those gains, including a March 2025 liquidation involving a more than $200 million leveraged Ether position using 50x leverage that also reportedly caused losses to Hyperliquid’s insurance mechanisms.

Bubblemaps said linked wallets have recently become active again on Hyperliquid, including purchases of roughly $10 million worth of the platform’s HYPE token and a new $38 million short position against privacy coin Zcash.

The whale saga has become closely watched across crypto derivatives markets because large directional positions on assets including Bitcoin, Ethereum, HYPE and ZEC can significantly influence funding rates, liquidity conditions and short-term market sentiment across perpetual futures platforms.

At the time of reporting, Hyperliquid price was $59.31.