ZachXBT, a well-known on-chain investigator, revealed on social media platform X (formerly known as Twitter) that the infamous “Hyperliquid 50x leverage whale” is not a savvy trader but is a cybercriminal engaging in high-leverage trading with stolen funds. This statement by the on-chain investigator has sparked significant discussion within the cryptocurrency community.

ZachXBT Denies Whale’s Ties to Lazarus Group.

The investigation clarified that there is no connection between the whale’s address and the notorious Lazarus Group, a hacking organization linked to North Korea. With this clarification, the investigator dismissed every speculation pointing to this whale as a part of Lazarus Group.

Moreover, the investigator also emphasized that the individual is gambling with illegally obtained assets. This situation has raised concerns about the integrity of the high-leverage trading environment.

Moreover, with the investigator’s initial comment, the crypto community wants answers. X users are pressuring the investigator to “name and shame” the individual behind the address. The investigator, to this comment responded saying that he does not find sharing such information enjoyable on X anymore.

The “Hyperliquid 50x Leverage Whale” is an anonymous cryptocurrency trader, who emerged over the past week and is known for executing ultra-leveraged trades on platforms like Hyperliquid and GMX.

This trader has gained attention for using aggressive strategies, which includes depositing millions of USDC to open high-leveraged positions across assets such as Bitcoin (BTC), Ethereum (ETH) and Chainlink (LINK).

Activities For Which The Whale Has Been known For.

On March 16, the whale deposited 2.5 million USDC into Hyperliquid to increase a 40x short BTC position, holding 4,422.77 BTC with an entry price of $84,043 and a liquidation price of $85,596.

The whale has time and again shorted ETH, with one position valued at $45.17 million opened using leverage ratios of 17.6x and 18.06x. On March 13, the whale also opened a 25x ETH short worth $35.86 million.

The whale recently closed BTC short positions using the TWAP strategy, making profits of $300,000 on one trade.

Furthermore as per Lookonchain, today March 18, 2025, the whale has closed all its positions and made a profit of $9.46 million in just 8 days. Despite the profit made, the whale’s activities have also raised concerns about market manipulation and liquidity risk. In one of the instances, the whale even cased Hyperliquid’s liquidity pool to lose $4 million during a $200 million ETH long liquidation on March 12.