On March 12, Hyperliquid posted a message on social platforms that regarding the "Hyperliquid 50 times leverage giant whale (0xf3f4 user) ETH long position: First of all, it is clear that there were no protocol vulnerabilities or hackers. The user held an unrealized profit and loss (PNL), and withdrawed cash, resulting in a lower margin, and was subsequently liquidated. Ultimately, the user made a profit of about $1.8 million, while HLP lost about $4 million in the past 24 hours. At present, the historical cumulative PNL of HLP remains at about US$60 million. Please note that HLP is not a risk-free strategy. In order to increase the maintenance margin requirements for large holdings, we will adjust the maximum leverage of BTC and ETH to update to 40x and 25x respectively. This will provide a better buffer for the fallback liquidation of large positions.