The "Hyperliquid 50x leverage whale" is identified as a cybercriminal gambling with stolen funds.
The whale made a $9 million profit despite efforts to liquidate the position.
ZachXBT, an on-chain investigator, revealed the whale's activities and dismissed any links to the Lazarus Group.
The incident raises concerns about stolen funds circulating through decentralized finance protocols and the impact of high-leverage trades on the market.