- Hyperliquid whales gained $48M, manipulating XPL’s 200% surge.
- Concerns raised over potential links to Justin Sun.
- Calls for increased DEX governance and transparency.
Four crypto whales allegedly earned $48 million by significantly influencing XPL token prices on Hyperliquid, resulting in 200% gains and sparking manipulation allegations.
Such market moves underscore potential vulnerabilities in digital asset exchanges, raising calls for tighter governance amid concerning wallet activities linked to prominent crypto figures like Justin Sun.
The recent XPL token surge on Hyperliquid resulted in whales making nearly $48 million. Allegations of market manipulation were sparked as the token’s price increased over 200% within minutes.
Four whale addresses were central in driving the XPL rally. Wallet 0xb9c, speculated to be linked to Justin Sun, is under intense scrutiny following the price hike. Spot On Chain: Twitter Post Analysis
The XPL surge led to large profits and raised concerns of unfair market practices. Analysts are particularly focused on the actions of whale traders during this spike.
Financial implications involve a redistribution of funds among traders. Dex governance upgrades are being urged by blockchain observers to prevent similar incidents in the future.
“Wallet 0xb9c…clearing the entire order book and liquidating everyone…making $16M in just one minute. $XPL pumped to $1.80, which is over 200% in 2 minutes.” – MLM, Onchain Analyst, X/Twitter.
The XPL incident sparked debates within the crypto community. However, no official responses from Hyperliquid or regulatory authorities are currently available.
Future regulations may target such manipulative actions. Historical trends indicate Layer 2 markets are vulnerable to thin order book manipulation. This event aligns with previous notable cases.
