{"id":35964,"date":"2025-01-15T10:18:13","date_gmt":"2025-01-15T10:18:13","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=35964"},"modified":"2025-01-15T10:18:13","modified_gmt":"2025-01-15T10:18:13","slug":"11-days-1-million-gone-influencer-gets-rekted-on-hyperliquid","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=35964","title":{"rendered":"11 Days, $1 Million Gone: Influencer Gets \u201cRekted\u201d on Hyperliquid"},"content":{"rendered":"

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\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\n

Liquidity providers can then deposit funds into any vault they choose, trusting the leader to execute profitable trades. All they have to do is copy their trades.<\/span><\/p>\n

When writing, traders had deposited over $172 million to <\/span>multiple vaults<\/span><\/a>.<\/span><\/p>\n\n

One of them, \u201cTesticles\u201d manages over $488,000, 35 days after launching.<\/span><\/p>\n

The 11 Day Disaster on Hyperliquid<\/span><\/strong><\/h2>\n

For Rektober, however, the vault was an opportunity to trade recklessly. After creating a vault and attracting followers, he quickly amassed over $1 million in deposits.<\/span><\/p>\n

That\u2019s when things went south. It could have been the pressure to prove himself flawless and capable of beating the market to his followers.<\/span><\/p>\n

In just 11 days, the trader completely wiped out the entire fund, leaving investors with nothing but regret. <\/span><\/p>\n

Rektober blew up his Hyperliquid vault in 11 days<\/p>\n

have to imagine this is the good heuristic for the average performance of CT pic.twitter.com\/wJPtP3Ki4N<\/a><\/p>\n

\u2014 soup (@soupdefi) January 13, 2025<\/a><\/p>\n\n

The loss can only be described as catastrophic, and it gets worse. Rektober is currently unreachable<\/a> on his X page, and all his posts are now \u201cprotected.\u201d<\/span><\/p>\n\n

Is Rektober a Scam Artist?<\/span><\/strong><\/h2>\n

A review of Rektober\u2019s X page suggests this might not be the first time he has lost investors\u2019 money. <\/span><\/p>\n

While it cannot be immediately verified, one user claims he frequently \u201cblows up his account like every four months.\u201d<\/span><\/p>\n

Another user adds that Rektober is known<\/a> for \u201chis serial rug pulls, rugs, turns down his X account for a few days, comes back botting more followers as if nothing happened.\u201d<\/span><\/p>\n

Unless law enforcement gets involved, the truthfulness of these claims cannot be determined.<\/span><\/p>\n

EXPLORE:\u00a0Dust Settles Over XRP Price Crash: Best Presale to Buy in 2024?<\/a>
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The post 11 Days, $1 Million Gone: Influencer Gets \u201cRekted\u201d on Hyperliquid<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

It is not a secret that crypto can sometimes be a hub for mostly degenerate 100X traders\u00a0who thrive on volatility. While there\u2019s a chance of making money, traders often lose, and sometimes they get wrecked so badly that they quit trading altogether. Coinglass data\u00a0showed that over 74,000 traders were forcibly liquidated in the last 24 […]<\/p>\n","protected":false},"author":0,"featured_media":35965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-35964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/35964"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=35964"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/35964\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/35965"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=35964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=35964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=35964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}