What happened to crypto market? Now, two days after one of the wildest days in crypto, many are calling for clarification regarding the $1 billion short position placed during the market crash. Among them, Binance founder Changpeng “CZ” Zhao is asking for verification of claims surrounding a mysterious trader who reportedly shorted $1 billion on Hyperliquid just before the downturn. “Not sure of validity. Hope someone can cross-check,” CZ wrote on X: a cautious response to what may be one of the most precisely timed trades in recent memory.
Not sure of validity. Hope someone can cross check. https://t.co/SPN26EXtaw
— CZ 🔶 BNB (@cz_binance) October 12, 2025
For now these are the numbers: over $19.33 billion in leveraged positions were liquidated within 24 hours as 1.66 million traders saw their positions wiped out. The market collapse hit Bitcoin, Ethereum, and Solana hardest — while Hyperliquid recorded the largest single liquidation, an ETH-USDT trade worth $203.36 million.
Independent researcher Mlmabc estimated that total losses might actually exceed $30–40 billion, far above the official figures.
Data shows that long positions made up $16.83 billion of liquidations, while shorts totaled $2.49 billion. Bitcoin led with $5.38 billion in losses, followed by Ethereum ($4.43B), Solana ($2.01B), and XRP ($708M).
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The One-Minute Trade: How a Hyperliquid Whale Moved Before the Crash
Crypto investigator Coffeezilla highlighted the uncanny precision of the trades: the whale’s final short order was placed at 20:49 GMT, exactly one minute before Donald Trump threatened new tariffs on China via X at 20:50 GMT. That post sent risk markets into immediate decline, causing an avalanche of liquidations across exchanges. “What incredible luck,” Coffeezilla commented, emphasizing how well the trader’s timing aligned with the announcement.
The HyperLiquid whale shorting BTC/ETH yesterday was placing shorts up till exactly 1 minute before Trump threatened tariffs against China.
The last short was placed at 20:49 GMT. Trump tweeted at 20:50 GMT.
What incredible "luck" pic.twitter.com/mIaExXGT62
— Coffeezilla (@coffeebreak_YT) October 11, 2025
The result was devastating for other traders on Hyperliquid. More than 1,000 wallets were completely wiped out, while 6,300+ accounts ended deep in the red, accumulating $1.23 billion in collective losses. In total, 205 wallets lost over $1 million, and more than 1,000 users saw losses surpassing $100,000 each.
Eye (@Eyeonchains) soon traced an account that could possibly be the “Hyperliquid/Hyperunit whale” through a complex network of Bitcoin and Ethereum wallets. On-chain data connects these wallets, holding over 100,000 BTC and 570,000 ETH, to deposits made into the Beacon Staking Contract. The activity links to the ENS identity ereignis.eth (garrettjin.eth), belonging to Garrett Jin, former BitForex CEO, who has long faced accusations related to missing funds and mismanagement at the now-defunct exchange.
Jin’s history in crypto spans from Huobi to BitForex, and later XHash.com, an institutional ETH staking platform.
Analysts suspect that staked funds may have been used to reintroduce capital connected to earlier ventures. Wallets associated with Jin still hold over 46,000 BTC, valued at more than $5 billion.
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Aftermath and Outlook After What Happened to Crypto Market: A “Healthy Reset” or a Warning Sign?
Despite the record crash, some market observers view the sell-off as a natural correction. Bitmine Chairman Tom Lee told CNBC that after a 36% rally since April, a retracement was “overdue.” He suggested that volatility spikes often indicate a short-term bottom and reaffirmed his bullish outlook based on three enduring drivers: AI integration, institutional blockchain adoption, and a more accommodative Federal Reserve policy.
Still, the Hyperliquid short has renewed debate about fairness and transparency in crypto markets. The ability of one trader to act with such precise timing — possibly profiting from billions in cascading losses — underscores how much influence remains concentrated in the hands of a few.
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After the Market Crash, Traders Turn to Snorter Bot for Speed and Control
The market saw $19 billion in liquidations, a $1 billion short executed on Hyperliquid, and thousands of traders wiped out. Prices can swing double digits in minutes, and in these conditions, reaction time separates winners from those left holding the bag.
That’s why sniper bots have become essential tools for today’s traders. They react instantly, move faster than dashboards, and remove emotion from high-speed trading. Among them, Snorter Bot is emerging as the preferred tool for both whales and active traders chasing short-term gains.
Integrated directly into Telegram, Snorter executes trades in seconds: no browser tabs, no complicated setups. Users can mirror wallets, copy trending trades, and jump into coins like Giggle, Pepe, or any meme catching volume that hour.
Snorter is also built with trader-first features: MEV protection, honeypot checks, and ultra-low 0.85% fees. On top of that, staking offers a 111% APY, with extra rewards for holders who stay in the ecosystem — allowing fast trading while stacking passive income.
The Snorter presale has already raised over $4.6 million, up from its initial $2 million round at $0.099. With just 8 days left and the price now at $0.1077, momentum is clearly accelerating.
Snorter combines trading, scanning, and staking into one clean Telegram bot — giving traders the speed, security, and edge they need in today’s volatile markets.
Visit SNORT Here!Key Takeaways
- Massive Liquidations Triggered Market Collapse: Over $19 billion in leveraged positions were wiped out, prompting many to ask, “What happened to the crypto market?”
- CZ Seeks Clarity on Whale Trades: Binance founder Changpeng Zhao requests verification of the $1B Hyperliquid short.
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