In plain wordsModulo 4x, both 4xy−1 and 4x2−1 are −1, so the quotient r is also −1(mod4x) and smaller than 4x2−1 whenever x<y.
Call a pair (x,y) of positive integers bad if 4xy−1∣(4x2−1)2 and x=y. Suppose (x,y) is bad with x<y, and let r=4xy−1(4x2−1)2. Since r(4xy−1)=(4x2−1)2≡1(mod4x) and 4xy−1≡−1(mod4x), we have r≡−1(mod4x), so r=4xz−1 for some positive integer z. Because x<y, 4xz−1=4xy−1(4x2−1)2<4x2−1(4x2−1)2=4x2−1, which gives z<x; since 4xz−1=r divides (4x2−1)2 and z<x, the pair (x,z) is also bad.