According to official data from BlockBeats, on March 13th, the balance of Hyperliquity Provider (HLP) has decreased from $486 million to $351 million, a decrease of 27.7%, since the incident of "large capital and high leverage traders using floating profits to push up liquidation prices to close positions" occurred yesterday. BlockBeats note: Yesterday, a giant whale trader who opened a 50 fold ETH multiple order used Hyperliquid's clearing engine to exit the market, extracting floating profit funds to push up the clearing price, triggering clearing and allowing Hyperliquid to take over the entire position at the clearing price. The clearing address of Hyperliquid took 7 hours of uninterrupted small and gradual liquidation, and HLP Vault ultimately lost $3.23 million to digest the long position of the giant whale. At present, Hyperliquid has updated the maximum leverage of BTC and ETH to 40 times and 25 times respectively, in order to increase the maintenance margin requirements for larger positions and provide better buffer for backup clearing of larger positions.
