According to CoinMeta, as reported by the on-chain monitoring platform Lookonchain, a hacker conducted large-scale transactions on HyperLiquid. They first received 3,100 units of ETH from a newly created wallet, then sold them for $6.92 million in USDC, and deposited the funds into HyperLiquid. Next, using 20x leverage, they opened a long position of $12.84 million in BTC at a price of $169.47 per unit, and simultaneously opened a short position of 5,740 units of ETH also with 20x leverage, for a notional amount of about $12.83 million.