Binance hacker begins liquidating stolen STRK tokens while two Hyperliquid traders hold $4.46M in unrealized profits on STRK shorts.
DeFi & Yields ·
The Binance hacker has begun liquidating stolen STRK tokens, contributing downward pressure on the asset's price. Simultaneously, two traders on Hyperliquid are positioned to benefit from the sell-off through short positions, with combined unrealized gains of $4.46M. One trader holds $1.61M in profits, while the other holds $2.85M.
The convergence of supply from the hacker's sales and leveraged short positions betting on further decline creates a feedback loop that could amplify downward momentum. The scale of the shorts—representing significant notional exposure—means their liquidation or closure could reverse the pressure just as quickly.
What remains unclear is the total volume of STRK the hacker intends to sell, the pace of those sales, and whether the Hyperliquid traders will take profits before the hacker exhausts their holdings or if additional variables might trigger a sharp reversal.