? How a Trader Lost $35 Million on a Single Futures Position (a.k.a. when leverage hits back hard)
Crypto trader known as AguilaTrades made headlines not for getting rich — but for losing over $35 million. And he did it fast. Very fast. Analysts at Lookonchain revealed how this financial disaster unfolded.
How it started:
According to analysts, on June 8, 2025, AguilaTrades created a new wallet and began transferring funds from Bybit to Hyperliquid — a platform for trading derivatives with serious leverage.
In total, he moved $39.18 million in USDC to use for futures trading.
And then it all went downhill…
- He opened massive long positions on $WIF (Dogwifhat) — a trending memecoin.
- Used high leverage, reportedly up to x25.
- But the market had other plans.
- $WIF price dropped, liquidation after liquidation followed…
- And in less than three weeks, his balance was down to $4.09 million.
The result: minus $35 million — one of the most brutal individual losses in crypto this year.
What went wrong?
- Huge positions with no proper risk management
- Market orders on a low-liquidity token
- Treating a memecoin like a blue-chip
- The classic “I’ll recover it” mindset — that just made it worse
? Lesson for all:
- Futures aren’t fun and games. It’s not roulette, it’s chess with a landmine under the board.
- Never go all-in on one trade. Especially not on a memecoin.
- Craving adrenaline? Try skydiving. It’s cheaper.
$39M in — $4M out.
No happy ending. Just a bitter lesson and a sad tweet.
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