Trader nets $1.28 million on new 1,000x exchange Papertrade by moving Hyperliquid’s ETH prices
60-second summary
A trader nets $1.28 million by exploiting Hyperliquid’s new 1,000x ETH paper‑trade, inflating prices before reversing the move, then sees $450,000 evaporate as thirty short positions liquidate after more than three hours of exposure. The episode highlights the vulnerability of ultra‑leveraged paper markets, prompting regulators and exchanges to tighten controls and investors to reassess risk.
The same wallet later lost $450,000 when 30 short positions were liquidated on Saturday night after staying open for more than three hours.