what the on-chain data says

The XPL hyperliquid pre-contracts increased from $ 0.6 to $ 1.8 in just 5 minutes, fueling the speculation of the market manipulation while a few whales would have pocketed more than $ 46 million after short massive liquidations on the derived platform.

August 27, yet another market manipulation The event took place on the decentralized hyperliquid decentralized platform, because the token XPL experienced an extreme and fast price. From around 5:50 am in Beijing, the XPL price increased from about $ 0.6 to a peak of $ 1.8 in just five minutes, triggering a short -position liquidation cascade (mainly 1x coverage), before falling quickly to around $ 0.06.

Analysis Blockchain data by @ ai_9684xtpa Indicates that four main portfolios participated in the activity, collectively benefiting from around $ 46.1 million. The portfolio starting with 0xb9c… 6801st acted as a main driver, depositing USD $ 16 million (USDC) and place aggressive purchase orders which led the XPL price strongly upwards. This portfolio closed part of its positions shortly after the peak, making $ 16 million in profits, while holding a contractual position of $ 8.28 million in XPL.

Three additional portfolios – 0x417…, 0x006… and 0x894… – ended up taking advantage of the resulting liquidations. These portfolios had accumulated long positions in XPL in the previous days and began to close them near the peak of short -term prices, guaranteeing the rest of the profits. 0X417… and 0x006… Share the same source of funding. 0x894… is relatively independent, funded via Binance, and may have benefited by coincidence.

The pricing XPL price of hyperliquid confined to hyperliquid dex by dependence to a single oracle

Interestingly, the fluctuation in extreme prices resulting from long 0xb9c has occurred exclusively on Hyperliquidal. The centralized exchanges Binance and Bitget, which have also listed the XPL pre-contracts, have not experienced corresponding price changes.

Chinese crypto media blocks, assignment On Binance Square, attributed this to the design of the hyperliquid platform, which relies on a single internal oracle for the determination of prices. Unlike centralized exchanges that bring together data from several sources to stabilize prices, the hyperliquid oracle is very sensitive to concentrated trades. As a result, aggressive purchases of a few whales were sufficient to considerably increase the local price, without affecting the wider market.

Who is behind that?

While identities behind the wallets remain unconfirmed, a community speculation emerged due to historical activity on the chain.

Analyst @ ai_9684xtpa noted that the 0xB9C portfolio had already transferred Ethereum (Ethn) to an address associated with Justin Sun 5 years ago. However, there is no direct evidence binding it to this event.