Tate's High-Stakes Bitcoin Bet Goes Up in Flames

Social media influencer Andrew Tate attempted a high-leverage bitcoin trade on decentralised derivatives exchange Hyperliquid, resulting in losses of about $95,000 in a day.

Tate used 40x leverage to build a bitcoin long position of 57.36 BTC, with a notional value of around $3.79 million.

As the market turned weaker and bitcoin fell after a U.S. Federal Reserve interest rate decision, Tate's losses widened. He added margin to try to prevent further losses but ultimately closed the position and locked in a loss of about $95,478.

Tate then immediately took the opposite side, building a new bitcoin short position of 14.33 BTC using 40x leverage, with an estimated notional value of around $934,000.