#BinanceHODLerDOLO Hyperliquid whales made USD 48M with the XPL token amid manipulation accusations

Four whales made a cumulative profit of USD 47.5 million on Hyperliquid, prompting accusations of price manipulation related to the 200% rise of XPL.

Hyperliquid whales made USD 48M with the XPL token amid manipulation accusations

News

Four whales, or large cryptocurrency investors, were accused of price manipulation that led to a loss of USD 4.59 million for an unfortunate trader, raising doubts about the reliability of decentralized trading platforms compared to their centralized counterparts.

Four whale addresses achieved a combined profit of USD 47.5 million after the recently launched Plasma blockchain token (XPL) skyrocketed 200% to surpass USD 1.80 within minutes on the decentralized exchange Hyperliquid.

The largest of the four, wallet 0xb9c, gained over USD 15 million as the "main orchestrator," according to blockchain data platform Spot On Chain in a post on Wednesday on X, adding:

"Whale manipulation on #Hyperliquid caused XPL to surge 200% to reach USD 1.80 in a matter of minutes today, representing one of the largest downward pressures and wealth redistributions we have ever seen."

"In just a few months, Hyperliquid has seen whales exploiting HLP vulnerabilities, manipulating coin prices, and cornering positions," the post continued, urging the decentralized trading platform to respond to the accusation.