Hyperliquid Treasury suffered a short-term loss of over $4 million—— The direct reason for this loss may be that the giant whale used 50 times leverage and an active liquidation strategy, combined with the insufficient liquidity or mechanism of the platform, to transfer some risks to the treasury. In the short term, this is unlikely to immediately trigger a systemic crisis, as Hyperliquid's scale and revenue are sufficient to absorb a single loss. But if potential vulnerabilities (such as clearing mechanisms or HLP pool risk exposures) are not addressed, extreme situations may accumulate into systemic risks in the future, especially when the market is volatile.