More than 1,000 wallets on Hyperliquid were completely liquidated during the recent violent crypto sell-off, which erased over $1.23 billion in trader capital on the platform, according to data from its leaderboard.

In total, 6,300 wallets are now in the red, with 205 losing over $1 million each according to the data, which was first spotted by Lookonchain. More than 1,000 accounts saw losses of at least $100,000.

The wipeout came as crypto markets reeled from a global risk-off event triggered by U.S. President Donald Trump’s announcement of a 100% additional tariff on Chinese imports.

The move spooked investors across asset classes and sent cryptocurrency prices tumbling. Bitcoin briefly dropped below $110,000 and ether fell under…