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A trader on decentralized exchange Hyperliquid, whose wallet was previously linked to the exploit of SocialFi project UXLINK, has started closing $148 million in open positions after suffering heavy losses.
On November 9, the trader launched a 16-hour TWAP algorithm to sell off the positions. The algorithm is set to end by 06:00 GMT on November 10.
The address was previously considered the most profitable one on Hyperliquid. However, the recent market downturn changed that, and the trader is now facing a net loss of $3.3 million.
The trader's Ethereum long position includes 30,282 ETH worth around $55.46 million, with a liquidation price of $1,740.
The trader also holds a 550,000 SOL long with 10x leverage. The position will be fully liquidated if the price of Solana falls to $65.6.
Besides, the trader holds 35.03 million XRP worth around $35 million, with a liquidation price of $0.94.
The selling of these positions is already putting pressure on the prices of all three cryptocurrencies.
Trader linked to UXLINK exploit
In September 2025, UXLINK, a crypto social network with Telegram integration, suffered a hacker attack.
The attackers exploited the project's multisig infrastructure, which allowed them to drain the project's treasury and mint new tokens.
The total damage from the exploit and the subsequent crash of the UXLINK token price was estimated at around $42 million.
In August 2026, an anonymous trader deposited $11.54 million USDC on Hyperliquid.
According to EmberCN, the wallet that was used to pay gas fees for the trader received ETH from addresses that had previously received stolen UXLINK funds.
Since then, the trader has closed five profitable trades with a net gain of $5.71 million.
At the end of October, the trader was still holding $5.6 million in unrealized profit on the Ethereum position.
The recent market downturn erased that profit, and most of the trader's funds are now at risk of liquidation.