Tornado Cash-Funded Wallet Builds $26 Million Bitcoin-Ether Trade

A wallet funded with 3,100 $ETH withdrawn from Tornado Cash built roughly $26.2 million in paired positions on Hyperliquid on Nov. 7, going long Bitcoin and short Ether.

At about 8:48 p.m. ET, trading tracker Hyperdash showed a 172.94 $BTC long and a short of approximately 5,860 $ETH, each worth about $13.1 million, with 20x leverage settings. The roughly equal dollar exposures make the combination a bet on Bitcoin outperforming Ether, rather than simply on the crypto market rising or falling, before trading costs and funding payments.

Ethereum records show 31 transfers of 100 $ETH from Tornado Cash's 100-$ETH pool to the wallet on Nov. 7. The wallet then sent 3,100 $ETH through four CoW Swap orders and received roughly 6.92 million $USDC. It bridged the $USDC through Circle's CCTP, with Hypurrscan recording a 6.92 million $USDC credit to the same address on Hyperliquid.

Onchain analyst Lookonchain highlighted the trade at 8:40 p.m. ET, reporting a 169.47 $BTC long against a 5,740 $ETH short. It called the trader a “hacker” but did not identify a specific theft in its post. The mixer withdrawals alone do not establish that the funds were stolen.

The Wallet's Paired Positions

Source: Hyperdash, checked around 8:48 p.m. ET on Nov. 7. Table dates use UTC. Liquidation prices are tracker estimates and can change with account collateral and positions.

The 20x settings are different from the account's overall leverage: Hyperdash reported 3.79 times leverage against approximately $6.91 million in equity. Hyperliquid's margin rules use the selected leverage to determine the initial collateral required to open a position; cross-margin positions can share collateral. As The Defiant's guide to Hyperliquid explains, its perpetual futures track asset prices without an expiration date.

For scale, Hyperliquid's trading interface showed approximately $3.15 billion in Bitcoin open interest and $2.18 billion in Ether open interest in snapshots around 8:47 p.m. ET, compared with about $13.1 million on each side of this wallet's trade.