Analysis: The address making millions of XPL on Hyperliquid has historical trading connections with Justin Sun, but there is no direct evidence proving it belongs to him.

According to Foresight News, monitored by @ai_9684xtpa, a whale address that made millions of XPL on Hyperliquid and earned 16 million USD is rumored to be related to Justin Sun. This speculation arises from tracing the source of funds, which revealed that this address transferred ETH to an address associated with Justin Sun five years ago. However, there is currently no direct evidence proving that this address belongs to Justin Sun. The address has been accumulating XPL long positions since August 24, but at that time, the amounts were small and the positions were not large, which did not cause market fluctuations. Currently, this address still holds a long position in XPL with a value of 8.58 million USD at 1x leverage, with an unrealized profit of 620,000 USD.