High lipid whales reject cybercrime claims, Zachxbt releases evidence

The infamous trader known as the “hyperliquid whales” has publicly defended cybercrime allegations made by chain investigator Zachxbt.

Zachxbt denounced Crypto Whale on Tuesday, and now works under the X-handle @Qwatio, using the name Melania of cybercriminal activity.

The claim came after traders used 40x leverage to open a massive $445 million short position in Bitcoin, betting on a price decline. This position attracted market attention and led to attempts by other traders to “short slants.”

The Crypto Whale avoided liquidation despite being actively “hunted” and closed its position on Tuesday with more than $9 million in profits.

Zachxbt reported that the community is intrigued by what is called “high-lipid whales,” but the individual simply betting illegal funds.

Analysts did not reveal the trader’s identity at the time, but confirmed that they had no connection to the Lazarus Group.

On Wednesday, the high-lipid whales took X to deny these charges. The trader faced directly with Zachxbt’s claim that he was using stolen funds for high-leverage trading.

“Re: Unfounded guess,” the trader challenged Zachxbt to specify which stolen funds were in question, and said his wallet had received thousands of trades from various suspicious sources.

In response, Zachxbt said he would release detailed evidence tomorrow at 1pm.

Investigators also shared preliminary evidence indicating that the X-account of high lipid whales has been recently acquired.

ZachxBT provided some tips that suggested that in January 2025, trader’s wallets received funds from victims of wallet drain malware.

According to ZachxBT’s findings, the wallet received funding from potentially illegal sources such as shady exchanges and online casinos.