• A whale’s leveraged crypto trades raise insider trading concerns, fueling speculation of market manipulation or illicit activity.
• Analysts link the whale’s funds to North Korean hackers, citing ties to gambling platforms and crypto exchanges used for laundering.
• Hyperliquid faces a strong downtrend, with selling pressure pushing prices below key support levels despite brief recovery attempts.

A well-known whale has stirred the crypto market with a $5.22 million deposit on Hyperliquid, betting big on Bitcoin and Ethereum. The investor executed high-leverage long trades—50x on Ethereum at $1,884.4 and 20x on Bitcoin at $82,003.9. Notably, the liquidation points were set at $1,838.2 and $61,182, respectively. In the past two days, this entity successfully closed two Ethereum long positions, securing $2.2 million in profit.

These consistent and strategic trades have sparked speculation. Some experts argue that these moves indicate insider knowledge. However, others believe the transactions could be part of a sophisticated laundering operation.

Are North Korean Hackers Behind These Trades?

Crypto analyst AB Kuai Dong suggested that the funds used in these trades might be linked to North Korean hackers. These cybercriminals have been known to test high-frequency trading strategies.  Besides, laundering stolen funds through crypto markets is a known tactic among such groups. The anonymity and rapid execution of these Hyperliquid trades add to the suspicion.

Investigators found links between these wallets and gambling platforms such as Roobet and AlphaPo. Additionally, the trader’s address interacted with ChangeNOW, an exchange commonly used by hackers. Some analysts speculate that the funds may come from phishing attacks or other illicit sources.

Hyperliquid’s Market Breakdown

Hyperliquid shows a steep bearish trend. To start with, the 4-hour chart produced a symmetrical triangle pattern showing that the market was indecisive. However, the price then broke down and plummeted to a drastic $24 to sub-$14 drop.

Source: Ali

The volume profile confirms strong selling pressure. Moreover, the price structure now consists of lower highs and lower lows, reinforcing the ongoing downtrend. The asset recently declined by 0.99% to $13.87. Despite minor recovery attempts, it failed to reclaim key support levels.

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