Analyst Links $70.25 Million Ether Long on Hyperliquid to UXLINK Theft

An on-chain analyst has linked a massive $70.25 million Ether leveraged long position on decentralized exchange Hyperliquid to a wallet tied to the $40 million UXLINK theft. The trader holds approximately 30,282 to 30,300 ETH opened at an average entry price of $2,134 per token, carrying about $5.62 million in unrealized profit. The entity consolidated 11.54 million USDC in early August before executing six ETH trades on Hyperliquid, five of which generated $5.71 million in realized profits. The connection was identified through overlapping leftover gas fee transfers to a shared address.