A whale holding a $5.5 million position in the iShares Korea ETF mapping contract on the Hyperliquid platform has suffered an 83% drawdown. This follows a sharp 6.7% drop in South Korea's stock index, which triggered a circuit breaker. The ETF, trading at $122.5, fell 4.2% in 24 hours. The whale's position, with an average entry price of $128.9, faced a liquidation price of $117.7, resulting in a 4.1% liquidation.