Hyperliquid's XPL liquidation manipulator allegedly used two wallets to first take long positions in advance, then pushed up the price to trigger automatic liquidations, profiting $27.5 million.

According to Jinse Finance, on-chain analyst Yujin monitored that at around 5:30 AM, the XPL liquidation manipulator on Hyperliquid likely used two wallets to first take long positions in advance, then pumped the price to trigger automatic liquidations, thereby earning up to $27.5 million in profit. The address 0xb9c...01e first used $11 million USDT two days ago to take a long position of 31.75 million XPL on Hyperliquid at an average price of $0.56. Then, at 5:30 AM today, another $5 million USDT was transferred in to push up the XPL price, causing a cascade of liquidations and ultimately triggering automatic closeouts between $1.1 and $1.2. After the position was automatically closed, a profit of $15 million was realized. The address with DeBank username "silentraven" used $9.5 million USDT over the past three days to take a long position of 21.1 million XPL on Hyperliquid at an average price of $0.56. After the liquidation was triggered, the position was automatically closed at an average price of about $1.15, resulting in a profit of $12.5 million.