PANews reported on March 12 that according to monitoring by on-chain analyst Yu Jin, a 50x leveraged whale on Hyperliquid closed 15,000 ETH positions and took out 17.09 million USDC margin and transferred it back to the address. At the same time, because he took away the margin, the liquidation price of 160,000 ETH long positions increased and triggered liquidation; the liquidation position was too large, and in order to avoid causing too much impact on the market, Hyperliquid's mechanism was that HLP took over the position and then slowly closed it. HLP took over at a price of US$1,915. At present, the 160,000 ETH positions taken over by HLP are being slowly closed in small amounts, and a floating loss of US$3 million has been incurred since taking over.