Multisig cold wallets are highly secure but not immune to attacks, as demonstrated by incidents like the February 2025 Bybit hack, emphasizing the need for additional precautions.
Multisignature (multisig) cold wallets are often considered one of the safest ways to store digital assets, providing an extra layer of protection against theft. However, even these advanced security measures are not infallible, as demonstrated by the February 2025 Bybit hack.
Before diving into their security, let’s break down what multisig cold wallets actually are.
ZachXBT’s investigation claims that the mysterious 50X Hyperliquid whale is actually a British cyber criminal named William Parker (formerly known as Alistair Packover). Parker has a long history of fraud, hacking, and casino theft.
This trader made headlines by profiting roughly $20 million from a series of highly leveraged trades
Who is William Parker, AKA the 50X Hyperliquid Whale?
William Parker is a British cyber criminal with a long track record in hacking and fraud.
“I tracked down a recent payment from 0xe4d3 to an unnamed person who confirmed they had been paid by the Hyperliquid trader. They provided a UK phone number used to communicate with them. Public record reveals the name William Parker is likely tied to this number,” wrote ZachXBT.
He was arrested in 2023 for allegedly stealing around $1 million from two casinos. Even after serving time, Parker continued his illicit activities.
William Parker, AKA Alistair Packover. Source: BBC
So, how did he actually make $20 million in a very short time? The answer is ‘using leverage’.
Understanding 50x Hyperliquid Trades
In crypto, leverage means borrowing funds to increase the size of your trading position. In this case, the whale used up to 50× leverage. This means that even a small favorable move in an asset’s price could multiply his profits many times over.
For example, if he had a 50× leveraged position and the price moved 2% in his favor, that 2% swing could translate into about a 100% gain on his original investment.
“A whale who opened a $450 million short position on btc with 40x leverage closed all their trades, making a $9.46M profit in 8 days. Although this person is referred to as a “Hyperliquid whale,” they are actually a criminal, gambling with stolen funds,” wrote Web3 attorney Langerius.
The trader, William Parker, as revealed by ZachXBT, opened very large positions in cryptocurrencies like Bitcoin and Ether during volatile market moments.
He timed his trades when the market was moving rapidly earlier this month due to the whole White House Crypto Summit and Bitcoin reserve saga.
The volatile market sentiment allowed him to move around big events or sudden price changes.
“When a whale shorts over $450 million in BTC and wants a public audience, it’s only possible on Hyperliquid. Anyone can photoshop a PNL screenshot. No one can question a Hyperliquid position, just like no one can question a Bitcoin balance. The decentralized future is here,” Hyperliquid wrote on X (formerly Twitter).
How Did Parker’s Leveraged Trades Affect the Market?
In some cases, his massive trades also forced other traders into liquidation. When a trader’s position is liquidated, the system sells its assets at a loss to cover the borrowed funds.
This boosted the whale’s gains and also disrupted the market. Although using 50× leverage is extremely risky, Parker managed his trades carefully.
His strategy was successful enough that he reportedly made around $20 million from these high-stakes moves.
Leading meme coin Shiba Inu has shed almost 10% of its value over the past week. As of this writing, SHIB trades at $0.0000125.
This price decline coincides with a significant drop in whale holdings during the same period. This signals waning confidence among large investors amid broader market weakness.
SHIB’s Market Confidence Wanes as Whale Sell-Off Accelerates
According to IntoTheBlock, SHIB’s large holders ’netflow has fallen 123% in the past week. This comes amid the meme coin’s 8% price dip.
SHIB Large Holders Netflow. Source: IntoTheBlock
Large holders refer to whale addresses that hold more than 0.1% of an asset’s circulating supply. Their netflow measures the inflow and outflow of tokens in their wallets to track whether they are accumulating (positive netflow) or offloading (negative netflow) their holdings.
When this metric falls, it indicates that whales are selling large portions of their assets, leading to increased supply and putting more downward pressure on price.
Moreover, this decline in SHIB whale netflow could worsen the weakening confidence among SHIB retail traders, prompting them to sell their coins in anticipation of further losses. This can accelerate SHIB’s price dip in the short term.
On the daily chart, SHIB’s falling Relative Strength Index supports this bearish outlook. At press time, this momentum indicator is a downward trend at 35.34.
An asset’s RSI measures an asset’s oversold and overbought conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a decline. Conversely, values under 30 suggest that the asset is oversold and could witness a rebound.
At 35.05, SHIB’s RSI indicates that the asset is approaching oversold territory but has not fully entered it yet. This suggests weakening buying pressure and hints at the potential for further downside unless the meme coin demand picks up.
SHIB Holds Below Descending Trend Line
SHIB has remained below a descending trend line since December 8, keeping its price in decline. This pattern is formed when an asset’s price consistently makes lower highs over a period, connecting these peaks with a downward-sloping line. It is a bearish trend, indicating sustained selling pressure among SHIB market participants.
If this decline continues, SHIB risks falling to a seven-month low of $0.0000107.
