Lookonchain
Trader 0x8add opened max-leverage short positions in 22,047 ETH, valued at $48.89 million, and 620.7 BTC, valued at $47.89 million, right after the Binance hack. The positions are now showing $2.29 million in unrealized profit.
Why it matters
The trades place nearly $96.8 million of combined ETH and BTC exposure on a leveraged bearish bet. The timing links the positions to the period immediately after the hack, but the reported figures do not establish that the event caused the trades or the subsequent market move.
Market impact
The $2.29 million remains unrealized, not locked-in profit. With maximum leverage, price changes in either direction can quickly alter the position's gains and losses. The reported figures do not specify liquidation levels or whether the trader has closed any part of either short.
Source: [HypurrScan Beta](https://hypurrscan.io/address/0x8added25f8cce417c1e19aad91fb6ddcb9917d2c#perps)
Frequently asked questions
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How large were 0x8add's ETH and BTC short positions?
The trader shorted 22,047 ETH valued at $48.89 million and 620.7 BTC valued at $47.89 million, nearly $96.8 million combined.
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How much unrealized profit are the positions showing?
The ETH and BTC shorts are showing $2.29 million in unrealized profit. The gain is not locked in unless the positions are closed.
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When did 0x8add open the shorts?
The trader opened the positions right after the Binance hack.
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Why does maximum leverage matter for these shorts?
Maximum leverage magnifies exposure to price changes, so moves in either direction can quickly change the positions' gains and losses.
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Do the reported figures show that the Binance hack caused the trades?
No. They place the trades right after the hack, but do not establish that the event caused the positions or the subsequent market move.
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