An address dumps 262.78 ETH and opens a 40x Bitcoin short position on Hyperliquid.

On Oct 9, according to monitoring by Lookonchain, an address suspected of belonging to a high-risk trader (or hacker) converted 262.78 ETH into $643,000 USDC about 40 minutes ago and deposited the funds into the decentralized derivatives exchange Hyperliquid, subsequently opening a short position of 305.51 BTC with 40x leverage, worth approximately $25.4 million, with a liquidation price of $84,086.03.