XPL was manipulated on HyperliquidX, resulting in a direct liquidation of 2 million USD.

At 5:35 AM this morning, the perpetrator deposited 5 million USDC into Hyperliquid and then began to go long aggressively with positions of 500,000 to 5 million USD per order. XPL was once pushed up to 1.8 USD, while the highest contract price on Binance was only 0.6176.

The partner positions on Hyperliquid were liquidated for 2 million USD at the peak. The perpetrator leveraged millions of XPL to manipulate the entire market and made a profit of 10 million USD in one go.

Now the perpetrator has started to withdraw funds. Previously, withdrawals were not allowed due to unrealized gains and losses, as it was the HLP treasury that lost money; this time, due to manipulation, the losses are coming from the clients' funds.

Currently, HyperliquidX has not taken any action, and the perpetrator's withdrawals have already been processed. If it were Binance, for any trading pair with excessive market share, they would directly limit orders and implement a series of risk control measures.

The problems with Hyperliquid have been thoroughly exposed, and now various DEX competitors are emerging. If HyperliquidX cannot provide users with a reasonable explanation, it may lose its position as the leading DEX.