The Whale Who Lost $15M on Hyperliquid Just Came Back With $400K and Bought 10,000 HYPE

Hyperliquid whale “2TheMoon” is back. In late 2024, the trader got liquidated on over $100 million worth of positions, losing a net $15 million in the process. It was one of the more publicized wipeouts in Hyperliquid’s history. Now, according to Arkham Intelligence, the same wallet has deposited $400,000 to a Hyperliquid account and purchased 10,000 HYPE. The comeback attempt is live.

What Happened in Late 2024

The original liquidation hit in October 2024. 2TheMoon was running positions worth over $100 million on Hyperliquid when the market moved against them hard enough to trigger forced liquidation. The total loss came to around $15 million, which is the actual capital destroyed after positions were closed at unfavorable prices.

A $15 million loss on a $100 million position reflects the leverage involved. The position size was enormous relative to the underlying capital, which is how you get a nine-figure liquidation that still destroys eight figures of real money.

October 2024 was rough across crypto. Plenty of traders got caught. 2TheMoon just got caught bigger than most.

Why Did He Buy HYPE?

2TheMoon holds 95,000 Hyperliquid points from prior trading activity on the platform. Those points accumulated through trading volume and participation, and they sit as a potential claim on HYPE tokens depending on how the distribution mechanics work.

The question Arkham is raising is whether 2TheMoon can recover from the airdrop alone. 95,000 points is a meaningful accumulation. If HYPE continues to perform and the airdrop distribution reflects that points balance, there is a scenario where the comeback is partly funded by the platform the whale traded on before getting liquidated. That would be an unusual narrative arc even by crypto standards.

The 10,000 HYPE purchase on top of the existing points position suggests 2TheMoon is not just waiting for an airdrop. Buying HYPE directly is a directional bet on the token’s price, separate from whatever the points balance might yield. The $400,000 deposit and immediate HYPE purchase reads as a deliberate re-entry rather than cautious toe-dipping.

What the Return Signals

Coming back to the same platform where you lost $15 million is either confidence or compulsion, and from the outside, it is genuinely hard to tell which. What is clear is that 2TheMoon has not walked away from Hyperliquid specifically or from large-scale crypto trading generally.

The $400,000 starting position is dramatically smaller than the nine-figure trade that got liquidated. The $400K starting position is a fraction of what got liquidated.

Hyperliquid has grown at a tremendous rate since October 2024. The platform has added users, expanded its product offering, and HYPE has become one of the more actively traded tokens in the DeFi space. 2TheMoon returning to this specific environment rather than a competitor says something about where the trader thinks the relevant action is.

Conclusion

2TheMoon lost $15 million on a $100 million Hyperliquid liquidation in late 2024 and is now back with $400K and a direct HYPE buy. The 95,000 points balance adds an airdrop dimension to a story that is already unusual. Whether the comeback works depends on market conditions, position management, and whether the same instincts that built a nine-figure book can avoid the same outcome twice.