Matrixport-Linked Wallet Unleashes $17M Ethereum Long at 20x Leverage
A wallet linked to Matrixport, a Singapore-based crypto financial services firm, has made a significant entrance on Hyperliquid by depositing $10 million in USDC and opening a $17.44 million long position on Ethereum at 20x leverage.
This is not an isolated incident, as addresses tied to Matrixport have repeatedly opened leveraged ETH longs ranging from 30,000 to 120,000 ETH at leverage between 15x and 20x, according to on-chain data.
The playbook seems consistent: spin up a fresh wallet, seed it with stablecoins, and enter a large leveraged derivatives position on a decentralized platform. In one documented instance, profits from closing these positions exceeded $59 million.
Matrixport was founded in February 2019 by Jihan Wu, who previously co-founded Bitmain. The firm is licensed by the Monetary Authority of Singapore and currently reports more than $10 billion in assets under management across over 300 institutional clients.