Four "whales" (large cryptocurrency investors) have been accused of manipulating prices, resulting in a loss of $4.59 million for an unfortunate trader, raising questions about the reliability of decentralized trading platforms compared to centralized ones.
On the decentralized exchange Hyperliquid, four whale addresses collectively profited $47.5 million as the recently launched Plasma blockchain token XPL surged 200% to over $1.80 in just a few minutes.
Blockchain data platform Spot On Chain noted in a post on X that the largest wallet among the four whales, 0xb9c, profited over $15 million as the "main orchestrator." The platform added:
"In just a few months, Hyperliquid has seen whales exploit the HLP loophole, manipulate token prices, and snipe positions," the post further stated, urging the decentralized trading platform to respond to the allegations.
This nearly $48 million profit came at the expense of several other traders, with the most unfortunate trader losing $4.5 million on their XPL position.
The second affected trader—X user CBB—admitted to losing $2.5 million on their XPL short position and stated that they "will never touch isolated markets again."
These manipulation allegations surfaced five months after Hyperliquid experienced a $6.26 million exploit, which Cointelegraph reported in March, when a vulnerability in the liquidation parameters affected the meme coin Jelly my Jelly (JELLY).
An on-chain detective initially suggested that Tron Network founder Justin Sun might be one of the traders behind the whale wallets but later retracted this statement, claiming their analysis was incorrect.
"After confirming with multiple sources, I can confirm this is not Justin Sun. I apologize for the previous erroneous analysis. More information will be released later," an analyst known as MLM stated on the X platform.
On Wednesday, MLM indicated that the problematic wallet had established long positions on millions of XPL tokens on Hyperliquid, "clearing the entire order book and liquidating everyone." After closing the positions, this whale made a profit of $16 million "in just one minute."
Hypurrscan blockchain data shows that the address still holds a 1x leverage XPL position worth over $8.6 million, with unrealized profits exceeding $614,000.
Cointelegraph could not independently verify the ownership of the wallet address but has reached out to Justin Sun and Hyperliquid for comment.
Related: SharpLink increased its holdings of Ethereum (ETH) worth $252 million last week and still has a $200 million cash reserve.
Original article: “Hyperliquid Whales Net $48 Million Amid 200% Surge of XPL, Sparking Manipulation Allegations”
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