Hyperliquid responds to the 50 times leverage whale ETH long liquidation event: the agreement has no loopholes and will adjust the upper limit of BTC and ETH leverage

On March 12, Hyperliquid posted on the social platform that the problem with "Hyperliquid 50 times leverage giant whale (0xf3f4 user) ETH long position: First of all, it is clear that there is no protocol vulnerability or hacking attack. The user held unrealized profit and loss (PNL), made a withdrawal, resulting in a lower margin and subsequent liquidation.
Ultimately, the user made about $1.80 million in profit, while HLP lost about $4 million in the past 24 hours. Currently, HLP's historical cumulative PNL remains at about $60 million. Please note that HLP is not a risk-free strategy. To increase the maintenance margin requirement for large positions, we will update the maximum leverage for BTC and ETH to 40x and 25x, respectively. This will provide a better cushion for fallback clearing of large positions.