Mass liquidations on Hyperliquid: XPL market collapsed in 10 minutes
Hyperliquid liquidated 85% of all XPL positions (116 million tokens) in 10 minutes. A wallet linked to Justin Sun opened a large long, “destroyed” the order book and triggered a cascade of liquidations. He locked in $16 million in profit, leaving a position worth another $10.2 million.
Trader TechnoRevenant also came out on top — part of his position was closed automatically by the system (auto-deleveraging), which brought in about $25 million, despite a separate liquidation of $7 million.
As a result, the XPL market showed low resistance to large orders: single transactions caused a sharp collapse and hit Hyperliquid's reputation.
