{"id":7769,"date":"2025-01-15T10:48:50","date_gmt":"2025-01-15T10:48:50","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=7769"},"modified":"2025-01-15T10:48:50","modified_gmt":"2025-01-15T10:48:50","slug":"11-days-1-million-gone-influencer-gets-rekted-on-hyperliquid","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=7769","title":{"rendered":"11 Days, $1 Million Gone: Influencer Gets \u201cRekted\u201d on Hyperliquid"},"content":{"rendered":"
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It is not a secret that crypto can sometimes be a hub for mostly degenerate 100X traders<\/span>\u00a0who thrive on volatility.<\/span> While there\u2019s a chance of making money, traders often lose, and sometimes they get wrecked so badly that they quit trading altogether.<\/span><\/p>\n

Coinglass data\u00a0showed<\/a> that over 74,000 traders were forcibly liquidated in the last 24 hours alone, resulting in over $201 million in cumulative losses.<\/span><\/p>\n

\"Hyperliquid<\/p>\n

(Source<\/a>)<\/p>\n

However, in what\u2019s turning out to be a highlight of the week, one crypto influencer and \u201cexpert\u201d trader lost $1 million in 11 days. <\/span><\/p>\n

The bad news is that this wasn\u2019t his money but rather the money of investors who had decided to trust his trading expertise on Hyperliquid.<\/span><\/p>\n

Rektober Fell Victim to Hyperliquid\u2019s Irresistible Offer<\/span><\/strong><\/h2>\n

Reports show that Rektober engaged in reckless trading on the decentralized exchange, causing investors to lose $1 million for copying his trades via the Hyperliquid vault.<\/span><\/p>\n

There\u2019s hardly anyone to blame in this situation. <\/span><\/p>\n

Hyperliquid offers a decentralized perpetual trading platform similar to Binance and OKX, but it also has a unique feature: community-owned vaults.<\/span><\/p>\n

On its explainer <\/span>page<\/span><\/a>, the exchange describes vaults as a solution that \u201cdemocratizes strategies typically reserved for privileged parties.\u201d Through vaults, everyone\u2014except United States residents\u2014can supply liquidity and share in the profits and losses.<\/span><\/p>\n

In simpler terms, Hyperliquid vaults can be described as decentralized hedge funds. As a liquidity provider (copy trader), your funds are locked up for at least four days before you can withdraw them.<\/span><\/p>\n

Since vaults are public, anyone can open a vault and be its manager. You don\u2019t have to prove anything. Anyone who does is called a Vault Leader, AKA, the fund manager. <\/span><\/p>\n

Hyperliquid offers Vault Leaders a 10% profit share as management fees. They must first share their strategy and deposit at least 100 USDC into the vault.<\/span><\/p>\n