On March 12, Hyperliquid posted on the social platform that the problem with "Hyperliquid 50 times leverage giant whale (0xf3f4 user) ETH long position: First of all, it is clear that there is no protocol vulnerability or hacking attack. The user held unrealized profit and loss (PNL), made a withdrawal, resulting in a lower margin and subsequent liquidation. Ultimately, the user made about $1.80 million in profit, while HLP lost about $4 million in the past 24 hours. Currently, HLP's historical cumulative PNL remains at about $60 million. Please note that HLP is not a risk-free strategy. To increase the maintenance margin requirement for large positions, we will update the maximum leverage for BTC and ETH to 40x and 25x, respectively. This will provide a better cushion for fallback clearing of large positions.