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Ether Surge Wipes 24M in 12 Seconds | Bitcoin and Crypto News
Description
A crypto trader known as pension-usdt.eth on Hyperliquid, who’d made nearly $50M shorting Ether over two months, saw it all vanish in 12 seconds — losing $24M as the market surged. Forced liquidations piled on, each sale driving price higher, until the platform’s insurance fund stepped in to cover the final chunk. The loss erased half their annual profits, leaving just $35 left in the wallet. Meanwhile, a broader market squeeze wiped out $2.7B in shorts across crypto, with Bitcoin surging from $64K to nearly $70K and Ether jumping 18% — and another Bitcoin short lost $49M.
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