Zcash Whale Loses $2.4 Million as Leverage Flush Erases Account Equity

Source: CoinEdition Original Title: Zcash Whale Loses $2.4 Million as Leverage Flush Erases Account Equity Original Link: A leveraged Zcash trader has experienced one of the greatest performance declines on HyperTracker in recent weeks, following a series of forced liquidations that erased nearly all account equity within hours.

According to the latest dashboard data, the account tied to wallet 0x9bf3…bf6cf9 now reflects a remaining balance of $23,942.44 following a sequence of large ZEC long positions that unravelled early on November 28.

The incident ranks as one of the most severe single-asset wipeouts captured by the platform, with the trader’s cumulative losses reaching $2.38 million across multiple perpetual futures positions.

Transaction Details

Transaction logs indicate the trader aggressively opened multiple “Long” positions between 04:49 and 04:51 UTC, entering at prices around $487-$488. These positions, valued at roughly $100,000 each with high leverage, effectively bet on an immediate rebound.

The market moved against the trade. As ZEC prices slipped below $465, the exchange’s risk engine triggered a series of forced liquidations.

The Damage: Four major positions were closed simultaneously at prices between $447.88 and $452.72.

The Cost: Realized losses on these specific trades totaled over $1.58 million. Cumulative losses for the account now stand at $2.38 million, leaving a residual balance of just $23,942—a near-total equity collapse.

ZEC Market Movement Adds Pressure

Zcash’s price movement during the liquidation window shows a clear downward shift. ZEC was trading at $474.17 after a 6.64% decline over the past 24 hours, experiencing a decline followed by an early-morning drop that pushed the asset below $465.

The market cap fell to $7.78 billion, a decrease of 6.64%, while the 24-hour volume decreased by more than 13%, indicating lower participation during the downswing. The circulating supply stands at 16.41 million ZEC, with a volume-to-market capitalisation ratio of 10.37%.

Volume vs. Liquidity

The wiped-out account was not a small player; it had generated over $72 million in trading volume prior to the crash.

This incident serves as a stark reminder of the risks inherent in perpetual futures markets, where volatility can drain even well-capitalized portfolios in minutes if stop-losses are not strictly enforced.