‘Largest Ever’ Crypto Liquidation Event Wipes Out 6,300 Wallets on Hyperliquid

Core Insights - The recent crypto sell-off resulted in over $1.23 billion in trader capital being erased on the Hyperliquid platform, with more than 1,000 wallets completely liquidated [1][2] - The sell-off was triggered by a global risk-off event following U.S. President Donald Trump's announcement of a 100% additional tariff on Chinese imports, causing significant declines in cryptocurrency prices [2][5] - The total liquidations across the crypto market reached over $19 billion within a 24-hour period, marking the largest single-day liquidation event in crypto history by dollar value [3] Liquidation Details - A total of 6,300 wallets are currently in the red, with 205 wallets losing over $1 million each, and more than 1,000 accounts experiencing losses of at least $100,000 [1] - The top 100 traders on Hyperliquid collectively gained $1.69 billion, while the top 100 losers saw a drop of $743.5 million, resulting in a net profit of $951 million concentrated among highly leveraged short sellers [3][4] Notable Cases - Among the notable victims is crypto personality Jeffrey Huang, known as Machi Big Brother, who lost nearly the entire value of his wallet, amounting to $14 million [5] - The ongoing U.S. government shutdown has delayed the release of key economic data, adding to market uncertainty amid rising geopolitical risks [5]