A massive crypto whale trader, known as 0xb317, opened a $163 million leveraged short position on Bitcoin on Hyperliquid. This comes after the trader made $192 million in profits from a short position opened just before Trump’s tariff announcement. If BTC hits $125,500, the position will be liquidated.

The whale trader is being labeled an “insider whale” due to the suspicious timing of their trades. Some believe the whale may have caused a leverage flush that crashed the crypto market. Over 250 wallets on Hyperliquid lost millionaire status after Friday’s crash, while another trader opened an $11 million long position.

Binance has been accused of playing a role in the market meltdown, with reports of order book failures, liquidations, and tokens depegging or crashing to zero. Binance denied any wrongdoing, stating that the issues were merely display problems. The exchange offered compensation to traders affected by the market crash.

Despite the turmoil, Binance’s native token, BNB, has surged 14% in the past 24 hours to surpass $1,300. The exchange confirmed that its core operations remained functional during the event, despite speculation about its involvement in the market crash.

Read more at CoinTelegraph: Mystery Whale Opens $163M Bitcoin Short After $192M Profit