$24M Crypto Trader Wiped Out by 12-Second ETH Price Surge

A crypto trader known as 'pension-usdt.eth' suffered a significant loss of nearly $24 million after a 50,000 ETH short position was liquidated on Hyperliquid during a rapid Ethereum price surge.

The liquidation occurred within 12 seconds through multiple orders as Ethereum's price jumped about $43, pushing the trader's position to close at a loss.

This event wiped out roughly half of the trader's previous short-selling profits, which had totaled around $49 million.

The broader crypto market also saw a historic short squeeze, liquidating $2.74 billion in bearish positions, highlighting the risks of leveraged trading in volatile markets.