PANews reported on April 8 that, according to Onchain Lens monitoring, a newly created wallet deposited 3 million USDC into HyperLiquid and opened a 20x leveraged long position of 90,001 BrentOIL (US$8.53 million).

In less than 12 hours, its floating losses had exceeded $1.355 million. Opening a long position in oil at this time was definitely not the right thing to do.