Spencer Maginn rDV2
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On March 30, 2025, the DeFi protocol SIR.trading suffered a hack, resulting in a total loss of $355,000 in locked total value (TVL).
#DeFi #ETH
Background
The Ethereum Dencun upgrade introduces transient storage, a temporary storage feature that is only valid during transactions, aimed at improving the efficiency of complex transactions. Transient storage is implemented through TLOAD and TSTORE opcodes, with data cleared at the end of the transaction. However, this new feature also brings potential security risks, especially in decentralized finance (DeFi) protocols.
On March 30, 2025, the DeFi protocol SIR.trading suffered a hack, with attackers exploiting the vulnerabilities of transient storage, leading to a total loss of $355,000 in TVL.
Background
The Ethereum Dencun upgrade introduces transient storage, a temporary storage feature that is only valid during transactions, aimed at improving the efficiency of complex transactions. Transient storage is implemented through TLOAD and TSTORE opcodes, with data cleared at the end of the transaction. However, this new feature also brings potential security risks, especially in decentralized finance (DeFi) protocols.
On March 30, 2025, the DeFi protocol SIR.trading suffered a hack, with attackers exploiting the vulnerabilities of transient storage, leading to a total loss of $355,000 in TVL.
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How did the margin loss of the HLP fund pool occur in this eth 50x leverage arbitrage trading margin withdrawal incident at Hyperliquid?
$ETH
According to public information, the margin loss of the HLP fund pool during this ETH 50x leverage arbitrage trading incident mainly stemmed from the following mechanisms and market conditions:
1. **Traders withdrawing margin triggering liquidation**
- A trader opened a long position in ETH worth approximately $200 million on Hyperliquid with **50x leverage**. Subsequently, the trader lowered their position maintenance margin level by **withdrawing part of the margin** (i.e., 'margin transfer'), causing the position to hit liquidation conditions.
- Due to Hyperliquid's liquidation mechanism, the system will automatically close positions when the margin is insufficient to maintain them. In this process, the HLP (Hyperliquidity Provider) treasury takes over the liquidated positions and must close them at market price.
According to public information, the margin loss of the HLP fund pool during this ETH 50x leverage arbitrage trading incident mainly stemmed from the following mechanisms and market conditions:
1. **Traders withdrawing margin triggering liquidation**
- A trader opened a long position in ETH worth approximately $200 million on Hyperliquid with **50x leverage**. Subsequently, the trader lowered their position maintenance margin level by **withdrawing part of the margin** (i.e., 'margin transfer'), causing the position to hit liquidation conditions.
- Due to Hyperliquid's liquidation mechanism, the system will automatically close positions when the margin is insufficient to maintain them. In this process, the HLP (Hyperliquidity Provider) treasury takes over the liquidated positions and must close them at market price.
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Whale Client's Leveraged Profit at Hyperliquid Exchange: AI Engine Hypothetical Simulation Reasoning Analysis
#杠杆交易 #DEX风险
$ETH
By reasoning through AI engines, the behavior process of this event can be summarized in key points as follows:
Research indicates that whale clients may trigger liquidation profits by reducing margin, but the specific mechanisms are complex.
Assuming initial margin of $17 million, 50x leverage bullish on ETH, withdrawing $8 million when the price rises from $1900 to $2140.
Evidence suggests that clients actively cause liquidation of positions after withdrawal, resulting in market volatility, with AI estimating total trading profits of about $107 million. However, in reality, due to market slippage and lack of counterparties, the entire leveraged position did not yield such outrageous profits.
$ETH
By reasoning through AI engines, the behavior process of this event can be summarized in key points as follows:
Research indicates that whale clients may trigger liquidation profits by reducing margin, but the specific mechanisms are complex.
Assuming initial margin of $17 million, 50x leverage bullish on ETH, withdrawing $8 million when the price rises from $1900 to $2140.
Evidence suggests that clients actively cause liquidation of positions after withdrawal, resulting in market volatility, with AI estimating total trading profits of about $107 million. However, in reality, due to market slippage and lack of counterparties, the entire leveraged position did not yield such outrageous profits.
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