Crypto Trader Loses $24 Million in 12 Seconds on Ether Short

A crypto trader who made $49 million shorting various assets lost nearly $24 million on an Ether trade in just 12 seconds.

The wallet, known as 'pension-usdt.eth,' had been shorting Ether for two months, with its recent record including a run of wins, such as earning nearly $6 million on a 60,000 ETH short closed in June and $3.6 million on a 1,400 BTC short in the same month.

On Thursday morning, the wallet was closed out after a surge across all major tokens, resulting in a loss of nearly $24 million on the trade.

The liquidation ran from 04:51:03 to 04:51:15, with five separate forced sales, including one chunk of 1,417 ETH that had no buyers left and was absorbed into a fund by Hyperliquid.