Hyperliquid Contributor Faces Significant Losses on ZEC Leverage

On February 24, according to BlockBeats, Coinbob's popular address monitoring revealed that 'Hyperliquid early contributor Loracle' initiated a significant leveraged position on ZEC on February 15, using 10x leverage in an attempt to capitalize on a price dip. At that time, the position reached a size of $8.5 million, with an average price of $312, making it the largest long position on ZEC on the blockchain. Ten days later, ZEC is currently priced at $237, and the position's loss has expanded to 316%. Facing substantial unrealized losses, the address began reducing its ZEC long positions last night and this morning to cut losses. As of now, the position size has sharply decreased to $1.14 million, with further reductions ongoing. Loracle, whose real name is Laurent Zeimes, is active in the Hyperliquid ecosystem and is considered one of its early contributors. He is the founder of Hypurrfun and has recently been active in the Hyperliquid contract market.