Hyperliquid whale manipulation occurred when four large wallets captured roughly $47.5 million as XPL spiked 200% in minutes on the Hyperliquid DEX, triggering large short squeezes and multi-million-dollar losses for several traders.
Four wallets profited ~$47.5M after a rapid XPL 200% pump on Hyperliquid.
Largest wallet 0xb9c realized >$15M in minutes, with claims linking it to a high‑profile trader.
At least one trader lost $4.59M; Hyperliquid faces renewed scrutiny after a prior $6.26M exploit.
Hyperliquid whale manipulation: Four wallets captured $47.5M from an XPL 200% pump—read how traders lost millions and what this means for decentralized trading. Read more.
What happened during the Hyperliquid whale manipulation that drove XPL 200% higher?
Hyperliquid whale manipulation describes a rapid on‑chain event where four large wallets coordinated trades on the Hyperliquid decentralized exchange, forcing a short squeeze that drove XPL roughly 200% to ~$1.80 in minutes. The action produced roughly $47.5 million in realized profits and inflicted multi‑million dollar losses on short positions.
Who were the wallets behind the XPL price surge and what evidence exists?
Blockchain analytics indicate four whale addresses were the primary beneficiaries, with wallet 0xb9c identified as the largest single actor, realizing more than $15 million in realized gains. On‑chain sleuths and analytics platforms (Spot On Chain; on‑chain analyst MLM) published transaction traces showing large long entries that cleared the order book and rapidly squeezed short positions.
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On‑chain records show the spike unfolded in under two minutes. One affected trader reported a $4.59M loss on an XPL short, while another public admission named a $2.5M loss and vowed to avoid isolated markets. The speed and concentration of positions are consistent with coordinated liquidity sweeps that trigger mass liquidations.
An on‑chain analyst, MLM, suggested wallet 0xb9c may be associated with Tron founder Justin Sun based on historical transaction patterns and related activity. The analytics trace shows large leveraged longs opened and closed quickly, with a peak pump to $1.80 generating roughly $16M in a single minute for the wallet in question. Independent ownership verification remains unconfirmed.
Blockchain monitoring tool Hypurrscan shows wallet 0xb9c currently holds a 1x leveraged XPL position worth over $8.6 million with an unrealized profit near $614,000. Cointelegraph (plain text source reference) previously noted the difficulty of conclusively proving off‑chain ownership from on‑chain identifiers alone.
Hyperliquid faced a $6.26 million exploit five months earlier tied to Jelly my Jelly (JELLY) due to flawed liquidation parameters, creating prior concerns about platform risk. That history increases scrutiny today because it demonstrates prior attack vectors and parameter weaknesses that can be opportunistically abused when market participants coordinate large leveraged trades.
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Source: https://en.coinotag.com/alleged-whale-manipulation-on-hyperliquid-may-have-driven-xpls-200-spike-as-four-wallets-net-47-5m/