A $9.85 million leveraged Ether long held by trader 0xcbab was fully liquidated in three minutes early Wednesday after ETH dropped below $2,600.
The 3,728 ETH position closed at approximately 10:23 p.m. ET Tuesday (02:23 UTC Wednesday), according to on-chain monitoring. The trader could not add collateral to maintain the position as Ether moved past the liquidation threshold. ETH currently trades at $2,615, down 3.2 percent over 24 hours.
The swift closure highlights the capital-at-risk mechanics of leveraged derivatives on-chain: borrowed capital amplifies both returns and losses, and automatic liquidation triggers when collateral value falls below the maintenance ratio. Even a minor price move can force full position closure for undercollateralized trades.
Lookonchain flagged the liquidation event.
