Hyperliquid responds to the giant whale’s ETH long order liquidation: No protocol loophole, HLP lost about $4 million in 24 hours

Odaily News In response to the market’s discussion on the liquidation of ETH long orders of user 0xf3f4, Hyperliquid officials responded today that this incident was not a protocol vulnerability or a hacker attack, but was caused by the user withdrawing unrealized profits (PNL), which led to a decrease in margin and triggered liquidation.
Hyperliquid said the user ultimately still made a profit of $1.8 million, but HLP (Hyperliquid Liquidity Provider Pool) lost about $4 million in the past 24 hours. Despite this, HLP's historical cumulative PNL remained at about $60 million.
Additionally, Hyperliquid announced that it will adjust leverage limits to optimize liquidation management:
BTC maximum leverage adjusted to 40x
The maximum leverage of ETH is adjusted to 25 times to increase the maintenance margin requirements for large positions and enhance the market's buffer capacity during large-scale liquidations.