The dramatic reversal of fortune for a prominent cryptocurrency trader, known as the "Hyperunit whale," has captured market attention. The whale, whose on-chain activity has been linked by analysts to Garrett Jin—co-founder of WaveLabs and GroupFi—reportedly lost an estimated $250 million after liquidating a massive leveraged position on the Hyperliquid exchange.
The story began in October when the same trader made headlines by allegedly profiting roughly $200 million. This windfall came from shorting major cryptocurrencies like Bitcoin and Ethereum just before a market crash triggered by former U.S. President Donald Trump's announcement of tariffs on Chinese imports. That event led to over $18 billion in industry-wide liquidations, sparking speculation about potential insider knowledge, though no evidence of wrongdoing has been presented.
Following that success, the whale pivoted strategy, building a large long position on Ethereum. By mid-January, the position was valued at over $730 million, with total investments across ETH, SOL, and BTC exceeding $900 million. However, this week's market downturn proved catastrophic. Facing mounting pressure and more than $130 million in unrealized losses, the whale sold all holdings on Hyperliquid. The account balance was reduced to just $53.
Despite the staggering loss on Hyperliquid, blockchain analytics firm Arkham Intelligence indicates the same wallet address still holds approximately $2.7 billion in other cryptocurrencies elsewhere. Garrett Jin has publicly denied personal ownership of the funds, stating they belong to clients and that he knows who executed the trades.
The episode unfolded against a bearish market backdrop. Ethereum's price was trading around $2,418, down about 10% in a day and 18% over the past week, testing key demand zones. The event has reignited discussions about the extreme risks of leveraged trading in volatile crypto markets, serving as a stark reminder that past success offers no guarantee of future results.
