Hyperliquid whales net $48M on 200% XPL rally, amid manipulation allegations

Four whales realized a cumulative $47.5 million profit on Hyperliquid, spurring price manipulation allegations related to XPL’s 200% rally.

Four whales, or big cryptocurrency investors, were accused of price manipulation that resulted in a $4.59 million loss for one unfortunate trader, raising questions about the reliability of decentralized trading platforms over their centralized counterparts.

Four whale addresses profited a combined $47.5 million after the recently launched Plasma blockchain’s (XPL) token soared 200% to over $1.80 in minutes on the decentralized exchange Hyperliquid. 

The largest of the four, wallet 0xb9c, profited more than $15 million as the “main orchestrator,” wrote blockchain data platform Spot On Chain in a Wednesday X post, adding:

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