Ethena Leaderboard participant AndreIsBack deployed 170 ETH (≈$580,000) eight months ago to acquire 38.71 million WLFI at ~$0.015 each. Yesterday he received 7.74 million unlocked WLFI, which remain unsold and are currently valued at roughly $1.85 million on-chain.
Coinciding with the token unlock, the same address holds an active 3x short hedge on Hyperliquid, showing an approximately $585,000 unrealized gain—a clear example of a derivatives-based risk management tactic rather than spot liquidation.
On-chain analytics attribute over $41.69 million in assets to address 0x9cb…c06ce, with involvement across 21 DeFi projects; the address currently leads Ethena Season3 with 1.28 trillion points, representing 3.57% of the reward pool.