The crypto world is buzzing about a notorious whale! This legendary trader, famed for withstanding liquidation on a massive Bitcoin (BTC) short position, has finally stepped into the light, revealing their X account. And in a surprising twist, the whale has changed their handle to MELANIA, all while holding a long position in the token of the same name!

This Hyperliquid whale, who reportedly pocketed over $9 million by shorting Bitcoin (BTC) on the platform, has linked an X handle to their wallet. The account, now under the name MELANIA, goes by the handle @qwatio and has been active since 2014.

Crypto watchers had been tracking this whale’s wallet due to their colossal leveraged position, which at one point exceeded $522 million. Remarkably, the trader managed to maintain this position with just $8.3 million in collateral, skillfully fending off liquidation attempts by repeatedly adjusting their liquidation price. This successful, and seemingly impossible, Bitcoin short catapulted the whale into crypto legend status.

Notably, this savvy trader also dabbled in risky positions on Ethereum (ETH) and Hyperliquid (HYPE), strategically closing them to secure profits. These actions underscore a broader trend in crypto trading: a shift towards short-term, tactical plays aimed at avoiding liquidation.

Hyperliquid whale steps into the limelight

The Hyperliquid whale is no longer entirely anonymous, having linked their Ethereum wallet identity to a DeBank account. This DeBank profile mirrors the details on their X account. The identity reveal ignited immediate excitement within the crypto community. Adding another layer of crypto-culture to the story, a new meme token was launched, themed around the Hyperliquid Whale’s identity. It’s important to note that this token launch was independent and has no connection to the whale. Trading in the meme token was minimal in its initial hours.

To definitively prove their identity, the whale also posted a cryptographic signature on X. They shared a public address, along with a message and signature, providing undeniable proof of wallet ownership.

This cryptographic message can be easily verified via Etherscan, confirming wallet ownership. Interestingly, the whale’s publicly known address, primarily used for DeFi activities, currently holds a surprisingly small balance. Further analysis reveals the user holds wallets on five other chains, each with minimal funds. Wallet transaction history suggests initial funding from numerous smaller holders.

The whale’s activity strongly focuses on decentralized exchange (DEX) trading and interaction with DeFi protocols. Top counterparties include Stargate, with a substantial $115 million in transaction volume, alongside prominent platforms like CoW Protocol, Aave, Spark, and Hyperliquid.

ZachXBT launches investigation into whale’s addresses

Just as the whale’s identity was revealed, renowned on-chain investigator ZachXBT announced an investigation into the @qwatio account’s addresses. The @qwatio account had resurfaced on X after a lengthy period of silence, last tweeting about Bitcoin (BTC) in May 2015. This timeline suggests a long-standing involvement in the crypto market, predating mainstream adoption of BTC and other assets.

In response, the newly active account declared that none of its funds were obtained illegally. The whale directly challenged ZachXBT, who claims to possess evidence linking the account to hacker wallets.

@qwatio defended themselves by suggesting that while their wallets may have received small amounts of funds from TornadoCash or similar services, this was merely coincidental and did not indicate any genuine connection to stolen or hacked funds.

ZachXBT, however, asserts that he has more comprehensive evidence, which he plans to release publicly on March 20th.

Message received I will just share the info for everyone in a detailed post on X tomorrow at 1 pm UTC.

It is not baseless speculation I do not spread false information. pic.twitter.com/6I0UvY0rTo

— ZachXBT (@zachxbt) March 19, 2025

The investigator alleges that the @qwatio account was acquired to fabricate a lengthy and seemingly legitimate history on Twitter/X. Furthermore, he claims to have linked the known wallets to wallet drainer schemes, implying the complete investigation may expose broader links to questionable crypto services.

A key question persists: why would someone potentially involved in crypto crime openly reveal their identity and engage with the wider crypto community?

Hyperliquid whale signals bullish MELANIA

After making waves trading major assets like BTC and ETH, the whale’s next strategic move involved a rather unexpected asset. They initiated a long position on MELANIA for the second time. Previously, a MELANIA long had been active concurrently with other riskier trades.

As of March 19th, the whale’s portfolio appeared solely focused on the MELANIA long position. This position alone gave MELANIA a significant boost, amplified by the social media buzz surrounding the identity reveal.

Initially, the MELANIA long position had shown a loss of over $50,000. However, the whale’s continued messaging and heightened profile triggered a MELANIA recovery. MELANIA subsequently rallied to a one-week high of $0.77, surging more than 10% in a single day. Following this price surge, the whale’s unrealized profit on the MELANIA position climbed to over $212,000.

According to @qwatio, MELANIA could potentially surpass Official Trump (TRUMP) in market capitalization if more traders rally behind the token’s resurgence. The unfolding narrative around this aggressive trader also highlights the meme token market’s capacity to react dynamically to emerging stories and generate short-term price pumps.

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Source: cryptopolitan.com